Shareholders Foundation, Inc.

Investor in Glimcher Realty Trust (NYSE:GRT) Files Lawsuit Against Takeover by Washington Prime Group

A lawsuit was filed by investor in shares of Glimcher Realty Trust (NYSE:GRT) in effort to stop the proposed takeover and NYSE:GRT stockholders should contact the Shareholders Foundation.


San Diego, CA -- (SBWIRE) -- 11/05/2014 -- An investor, who currently holds shares of Glimcher Realty Trust (NYSE:GRT), filed a lawsuit in effort to halt the proposed takeover of Glimcher Realty Trust by Washington Prime Group for a value of $14.20 per share.

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 or call +1(858) 779 - 1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:GRT stockholders by agreeing to sell Glimcher Realty Trust too cheaply via an unfair process to Washington Prime Group Inc.

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 plaintiff claims that the $14.20-offer is too low and undervalues Glimcher Realty Trust. Indeed, 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 November 3, 2014, NYSE:GRT shares closed at $13.81 per share.

Those who are current investors in Glimcher Realty Trust shares have certain options and should contact the Shareholders Foundation.

Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739