SHARES HIT HIGHEST MARK ON POSSIBLE SALE RUMOUR!
THIS STOCK LOOKS LIKE IT'S A WINNER AGAIN! FMJ's 15 shares about to reap a hefty dividend.
Here's the news:
By Suzannah Benjamin
BANGALORE, April 5 (Reuters) - Shares of Pennsylvania Real Estate Investment Trust (PEI.N: Quote, Profile , Research) hit a lifetime-high on speculation that the company had put itself up for sale, but retreated after it denied any such move.
The company's shares rose about 8 percent to $50.39 in morning trade after a trade publication said, "Penn REIT is quietly (or not so quietly depending on who one talks with) shopping itself."
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There is no truth to that," Pennsylvania REIT vice president of investor relations Nurit Yaron told Reuters from Philadelphia.
The trade publication, The REIT Newshound, said CBL & Associates Properties Inc. (CBL.N: Quote, Profile , Research) has been talking to Penn REIT for some time.
"We don't comment on market rumour," a CBL spokeswoman said by phone.
REIT Newshound mentioned General Growth Properties Inc. (GGP.N: Quote, Profile , Research) as another possible bidder, but said CBL was the more likely buyer.
General Growth was not immediately available for comment.
UBS analyst Jeffrey Spector said any REIT that is trading at a discount to its net asset value could be in play.
On Penn REIT, Spector said, "I don't believe the speculation is true."
Penn REIT shares were trading about 2 percent up at $47.50 in late trade on the New York Stock Exchange.
About 1.1 million shares were traded on Thursday, which is almost four times their 50-day moving average volume.
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