American Financial Realty Trust (AFR) Jumps on Buyout
Shares of American Financial Realty Trust jumped Monday, after Gramercy Capital Corp. said it will buy the company for $3.4 billion in cash and stock.
Shares of American Financial rose $1.08, or 16.7 percent, to $7.53 in over twice its average trading volume.
Gramercy, a commercial real estate specialty finance company, will acquire American Financial for $5.50 per share in cash and 0.12096 shares of its stock.
Banc of America Securities analyst Mitchell B. Germain said the take-out price is 30 percent below where the stock traded less than nine months ago.
Shares of American Financial rose $1.08, or 16.7 percent, to $7.53 in over twice its average trading volume.
Gramercy, a commercial real estate specialty finance company, will acquire American Financial for $5.50 per share in cash and 0.12096 shares of its stock.
Banc of America Securities analyst Mitchell B. Germain said the take-out price is 30 percent below where the stock traded less than nine months ago.
Labels: AFR, American Financial Realty Trust
posted by Stock Administrator @ 12:43 PM
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