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Shopping center owner Kimco Realty buys rival Weingarten in $3 87 billion deal

By Reuters Staff 2 Min Read (Reuters) -Shopping center owner Kimco Realty Corp said on Thursday it would buy rival Weingarten Realty Investors for about $3.87 billion, adding heft to its business just as more parts of the U.S. economy reopen with the rollout of COVID-19 vaccines. The deal will create a company with 559 open-air grocery-focused shopping centers one of the better performing parts of the commercial real estate sector during the pandemic as people rushed to stores to stock up on essential items. The company’s tenants will include Kroger, Whole Foods and Walmart Inc, as well as discount retailers such as TJX Cos Inc, Ross Stores Inc and Burlington Stores Inc.

Andrew Alexanders

Kimco Realty Corp. (NYSE: KIM) is acquiring Houston-headquartered rival Weingarten Realty Investors (NYSE: WRI) in a deal valued at roughly $3.87 billion. What Happened: Kimco Realty Corp. is a Jericho, New York-based real estate investment trust focused on open-air, grocery-anchored. Read More. Don t Miss Any Updates! News Directly in Your Inbox Subscribe to:

Weingarten Merger Investigation: Halper Sadeh LLP Announces Investigation Into Whether the Sale of Weingarten Realty Investors Is Fair to Shareholders; Investors Are Encouraged to Contact the Firm – WRI

Weingarten Merger Investigation: Halper Sadeh LLP Announces Investigation Into Whether the Sale of Weingarten Realty Investors Is Fair to Shareholders; Investors Are Encouraged to Contact the Firm – WRI
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SHAREHOLDER ALERT: WeissLaw LLP Investigates Weingarten Realty Investors

Share this article Share this article NEW YORK, April 15, 2021 /PRNewswire/  WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Weingarten Realty Investors ( Weingarten or the Company ) (NYSE: WRI) in connection with the proposed cash-and-stock acquisition of the Company by Kimco Realty Corporation ( Kimco ) (NYSE: KIM). Under the terms of the merger agreement, each Weingarten common share will be converted into 1.408 newly issued shares of Kimco common stock plus $2.89 in cash, representing per-share merger consideration of approximately $30.32 based upon Kimco s April 14, 2021 closing price of $19.48. Upon consummation of the deal, Kimco shareholders will own approximately 71% of the newly-combined company, leaving only 29% of the new company controlled by former Weingarten shareholders. 

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