Washington Prime acquires Glimcher

(AP) Washington Prime Group Inc., of Bethesda, an operator of strip malls and smaller enclosed malls that spun off from mall operator Simon Property Group earlier this year, said Tuesday that it is buying rival Glimcher Realty Trust and moving to Ohio. The cash-and-stock deal is worth about $2.06 billion. The combined company will own 119 malls and shopping centers. After the deal closes, expected in early 2015, the company will change its name to WP Glimcher and will be based in Columbus, Ohio. Washington Prime will pay $14.20 in cash and stock for each share of Glimcher, a 34 percent premium from its closing price of $10.59 Monday. The new company will keep Washington Prime’s ticker symbol “WPG,” which trades on the New York Stock Exchange. Shares of Washington Prime fell $1.22, or 6.6 percent, to close at $17.24 Tuesday. Glimcher shares jumped $3.16, or 29.8 percent, to $13.75.

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