Why Weingarten Realty Stock Rallied 11% at the Open Today
Shares of real estate investment trust (REIT) Weingarten Realty (NYSE: WRI) rose 11% out of the gate on April 15. The big news driving the advance was the announcement that Kimco (NYSE: KIM) and Weingarten plan to merge.
Although billed as a merger, Kimco is really buying its shopping center peer. Investors will receive 1.408 shares of Kimco stock for each share of Weingarten they own plus a cash payment of $2.89 per share. The total consideration, based on Kimco's closing price on April 14, is $30.32 per share. Weingarten stock basically rose up toward that figure today.
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Source Fool.com
