GPT to Merge With Aussie Firm
Shares of Government Properties Trust (GPT) were climbing some 15% Tuesday on merger news.
Record Realty Trust, an Australian listed property trust, has agreed to acquire the real estate investment trust (REIT) for $10.75 per common share in cash, subject to a potential reduction of as much as 8 cents a share based on contingencies.
The merger, which is subject to approval by GPT's stockholders, is expected to close in the first quarter of 2007.
GPT is a Omaha, Neb., REIT that invests primarily in single-tenant properties under long-term leases to the U.S. government. The U.S. operations of the merged business will be based in Omaha and will maintain the Government Properties Trust brand. Thomas D. Peschio will continue in his leadership role as President and Chief Executive Officer of the merged business.Shares of Government Properties Trust were up $1.32, or 14.3%, at $10.49 in recent trading Tuesday.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV