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Glimcher Realty Trust (NYSE:GRT) Investor Lawsuit Over Alleged Wrongdoing In Takeover By Washington Prime Group

  • If you purchased shares of Glimcher Realty Trust (NYSE:GRT) and currently hold any of those NYSE:GRT shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Glimcher Realty Trust
Security
NYSE: GRT

Case Name
Glimcher Realty Trust Deal Case 10/31/2014
Type of Lawsuit
Mergers and Acquisition
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Summary

November 04, 2014 (Shareholders Foundation) - 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.
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.