Why Healthcare Realty Stock Jumped as Much as 11% Today
Shares of Healthcare Realty (NYSE: HR), a real estate investment trust (REIT) that specializes in owning outpatient healthcare properties, rose as much as 11% on May 3. The big news driving that advance came out of The Wall Street Journal, which suggested that Healthcare Realty could be "in play."
To set the stage here, Healthcare Realty is currently planning to merge with Healthcare Trust of America (NYSE: HTA) in a deal valued at roughly $18 billion when it was first announced. That agreement was spurred by activist investor Elliot Management, which took a position in Healthcare Trust of America and then pushed the REIT to sell itself. Healthcare Realty and Healthcare Trust of America have been working steadily toward the consummation of the resulting deal, including the May 2 announcement of progress on selling some assets prior to the close of the merger transaction.
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Source Fool.com
