Shares in WP Glimcher fell 7 percent Monday after the operator of shopping malls, strip centers, and community centers refuted reports it was involved in merger negotiations with "any third party." Shares had rallied last week after Reuters reported WP Glimcher was in merger talks with shopping center developer Kite Realty Group Trust.
A deal with Kite isn't in the offing. And the market's reaction to this reality is telling.
one thing, WP Glimcher's stock drop shows investors have little faith
it can turn around its portfolio of nearly 120 properties on its own.
And the rise in Kite shares of as much as 5 percent on the news suggests
investors don't think WP Glimcher would have been a good investment.. . . more