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By Dean Seal
Shares of RPT Realty hit a 52-week high in early trading on news that the company will be acquired by shopping-center operator Kimco Realty for the equivalent of $11.34 a share.
The stock rose 21% to a high of $11.54 in early trading. Shares are up 13% for the year.
Kimco said Monday morning that it will buy RPT in an all-stock transaction valued at about $2 billion. RPT investors will receive 0.6 of a newly issued Kimco share for each RPT share they own, representing about $11.34 per RPT share based on Kimco’s closing price last Friday.
The boards of both companies have approved the deal, which is expected to close in early 2024.
Write to Dean Seal at [email protected]
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