NEW YORK (TheStreet) -- Shares of Glimcher Realty Trust (GRT) soared to a 52-week high of $13.91 in morning trading Tuesday after Washington Prime Group (WPG) announced it would acquire Glimcher in a cash-and-stock deal valued at approximately $4.3 billion, which includes debt.
The retail real estate investment trust values the deal at $14.20 a share, which represents a 34% premium to Glimcher's closing price of $10.59 on Monday. Glimcher shareholders will receive $10.40 in cash and 0.1989 shares of Washington Prime Group stock for each share of Glimcher they own.
Glimcher stock was up 30.52% to $13.82 at 9:51 a.m. More than 15.6 million shares had changed hands, compared to the average volume of 1,128,190.
Washington Prime stock, meanwhile, hit a 52-week low of $17.44. The stock was down 4.31% to $17.67 at 9:51 a.m. More than 2.8 million shares had changed hands, compared to the average volume of 1,359,220.
Separately, TheStreet Ratings team rates GLIMCHER REALTY TRUST as a "hold" with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate GLIMCHER REALTY TRUST (GRT) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."