The Shareholders Foundation announces that an investigation on behalf of investors, who currently hold shares of Glimcher Realty Trust (NYSE:GRT), was launched concerning whether the takeover of Glimcher Realty Trust by Washington Prime Group for a value of $14.20 per share is unfair to NYSE:GRT stockholders.
Investors who purchased shares of Glimcher Realty Trust (NYSE:GRT) and currently hold any of those NYSE:GRT shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain officers and directors of Glimcher Realty Trust breached their fiduciary duties owed to NYSE:GRT investors in connection with the proposed acquisition.
On September 16, 2014, Washington Prime Group Inc. (NYSE: WPG) and Glimcher Realty Trust (NYSE:GRT) announced that they have entered into an agreement under which Washington Prime Group Inc will acquire Glimcher Realty Trust (NYSE:GRT) in a stock and cash transaction valued at $14.20 per NYSE:GRT common share. Under the terms of the transaction Glimcher Realty Trust (NYSE:GRT) shareholders will receive, for each Glimcher share, $10.40 in cash and 0.1989 of a share in WPG stock at closing.
However, the investigation concerns whether the offer is unfair to NYSE:GRT stockholders. More specifically, the investigation concerns whether the Glimcher Realty Trust Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders’ best interests in connection with the proposed sale.
Glimcher Realty Trust reported that its annual Total Revenue rose from $244.28 million in 2010 to $381.81 million in 2013. Shares of Glimcher Realty Trust (NYSE:GRT) grew from $3.43 per share in early 2010 to as high as $13.12 per share in May 2013.
On September 29, 2014, NYSE:GRT shares closed at $13.57 per share.
Those who are current investors in Glimcher Realty Trust (NYSE:GRT) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego