RPT Realty rallies on all-stock merger deal with RP Kimco Realty

RPT Realty
RPT,
+17.35%
stock was up 18.9% on Monday after it said it agreed to be acquired by Kimco Realty Corp.
KIM,
+0.11%
in an all-stock deal that values the New York-based shopping center owner at $2 billion including debt. RPT shareholders will receive 0.6049 of a newly-issued Kimco share for each RPT share they own. The deal amounts to a price of about $11.34 per RPT share or a premium of 19% over the closing prices of Kimco and RPT stock on Friday. Kimco stock was up by 1.4%. Prior to Monday’s trades, Kimco stock was down 11.5% so far in 2023, compared to a 14.8% increase by the S&P 500
SPX,
+0.63%.