(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)
NEW YORK CITY-Kimco Realty Trust might be considering an acquisition of fellow shopping center owner New Plan Excel Realty Trust, according to a Bank of America Equity Research report. The speculation shot locally based New Plan's stock up more than 5% from its closing price of $23.85 per share on Tuesday.
Kimco, based in New Hyde Park, would have to pay between $27 and $28 a share to get the deal done, the report predicts. Such a deal would value New Plan at just over $2.9 billion.
"We don't comment on market rumors," says a New Plan spokeswoman, in response to the report. Kimco executives could not be reached for comment.
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