WP Glimcher Jumps After Report of Merger Talks With Kite Realtyby
The companies have “significant issues” to resolve for a deal to materialize, Reuters reported Wednesday.
WP Glimcher rose 8.2 percent to $11.39. The Columbus, Ohio-based real estate investment trust has a market value of $2.1 billion. Kite Realty, based in Indianapolis, slipped 1.6 percent to $27.39, giving it a $2.3 billion market value.
A representative for Kite had no immediate comment. WP Glimcher didn’t immediately respond to requests for comment.
A combination would give the landlords greater scale and diversity as online retail pressures traditional stores. Kite operates neighborhood shopping centers across 20 states. WP Glimcher -- formed in the merger last year of Washington Prime Group Inc. and Glimcher Realty Trust -- owns shopping centers and enclosed regional malls.