: RPT Realty rallies on all-stock merger deal with RP Kimco Realty


RPT Realty RPT, +17.35% stock was up 18.9% on Monday after it said it agreed to be acquired by Kimco Realty Corp. KIM, +0.11% 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% over the closing prices of Kimco and RPT stock on Friday. Kimco stock was up by 1.4%. Prior to Monday’s trades, Kimco stock was down 11.5% so far in 2023, compared to a 14.8% increase by the S&P 500 SPX, +0.63%.

This article was originally published by Marketwatch.com. Read the original article here.

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