: RPT Realty rallies on all-stock merger deal with RP Kimco Realty
RPT Realty RPT stock was up 11.8% in premarket trading on Monday after it said it agreed to be acquired by Kimco Realty Corp. KIM in an all-stock deal that values the New York-based shopping center owner at $2 billion including debt. RPT shareholders will receive 0.6049 of a newly-issued Kimco share for each RPT share they own. The deal amounts to a price of about $11.34 per RPT share or a premium of 19% premium to the closing prices of Kimco and RPT stock on Friday. Kimco stock is down 11.5% so far in 2023, compared to a 14.8% increase by the S&P 500 SPX.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.