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Shares of Government Properties Trust(GPT Quote) 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. ...
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