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 firstname.lastname@example.org 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.
3111 Camino Del Rio North - Suite 423
92108 San Diego