Why Duke Realty Stock Rallied as Much as 18% in Early Trading Today
Shares of Duke Realty (NYSE: DRE), a real estate investment trust (REIT) focused on industrial properties, rose dramatically in early trading on May 10, gaining as much as 18% at the open. The big news is that larger peer Prologis (NYSE: PLD) has gone public with an offer to buy Duke. But there's a lot of uncertainty here.
Prologis began courting Duke Realty in November 2021, so discussions have been going on for some time without the realization of an agreement. In light of the unsuccessful private negotiations, Prologis has chosen to go public with its latest offer. What's currently on the table is an all-stock deal that values Duke Realty at $61.68 per share. That's a nearly 30% premium to the REIT's closing price on May 9 and still well higher than where the shares are trading after the big stock jump today (around $53.50 per share at roughly 10 a.m. ET).
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Source Fool.com
