General Growth Properties is MAXIMIZING Shareholder Value and These 2 Stocks Are Hitting 52-Week Highs
General Growth Properties (NYSE:GGP), a real estate investment trust or REIT, rallies after hedge fund Pershing Square requested, in a letter to the REIT, that it hire advisers who will try to find ways to maximize shareholder value. Furthermore, Pershing also asked General Growth’s board to put together a special committee of directors to consider selling the company. However, Pershing, which reported a 10.2 percent stake in General Growth and noted that Brookfield Asset Management (NYSE:BAM) effectively controls a 42.2 percent stake in the REIT, requested that committee members be completely independent of Brookfield Asset Management. Pershing stated that “Brookfield has been given an effectively unlimited period of time to confidentially consider a transaction to acquire GGP” and that “if control of the company is ceded to Brookfield, shareholders will suffer.” During mid-afternoon trading, General Growth was boosted $1.85, or 9.99 percent, to $20.37. The shares closed at $20.32, up $1.8 or 9.72% on the day. They have traded in a 52-week range of $10.68 to $18.97.
Lancaster Colony Cor (NASDAQ:LANC) reports a Q4 EPS of 95c, consensus 79c. The shares closed at $72.34, up $2.99 or 4.31% on the day. They have traded in a 52-week range of $55.86 to $72.72.
Whole Foods Market (NASDAQ:WFM): On August 20, Green Equity sold about 454,290 shares at a weighted average price per share of $95.10 on the open market for complete total of $43.2 million. The shares closed at $95.08, down $1.92 or 1.98% on the day. They have traded in a 52-week range of $57.42 to $97.75.
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