Inland Real Estate Corporation (IRC) Acquisition Deal Sends Stock Soaring


Inland Real Estate Corporation (NYSE:IRC) shares are up big today after the company announced this morning that they have entered into an agreement to be acquired by real estate funds managed by DRA Advisors LLC. The huge deal is worth an astounding $2.3 billion, which will come out to $10.60 per share. There have been several acquisitions within the real estate market this past years, including some which have shown to be very beneficial to both companies involved.

“The Board has been focused on the options available to address the long-term discount at which the Company’s shares have traded versus private market valuations and its shopping center REIT peers,” said Thomas P. D’Arcy, non-executive chairman of IRC. “The Board unanimously believes this all-cash offer is the best course of action to address this valuation gap and provide our stockholders with strong relative value for their investment.”

The stock is up 7.04% or $0.7 following the news, hitting $10.64 per share. About 20.91 million shares traded hands or up 2972.19% from the average. IRC has declined 4.61% since May 12, 2015 and is currently downtrending. It has underperformed the S&P500 by 0.93%.

The institutional sentiment increased to 1.28 in Q2 2015. It’s up 0.06, from 1.22 in 2015Q2. The ratio improved, as 15 funds sold all their Inland Real Estate Corporation shares they owned while 49 reduced their positions. 18 funds bought stakes while 64 increased their total positions. Institutions now own 78.42 million shares which is 1.95% more than the previous share count of 76.91 million in 2015Q2.

Goodwin Daniel L holds 26.6% of its total portfolio in Inland Real Estate Corporation, equating to 12.19 million shares. Fuller & Thaler Asset Management Inc. owns 3.78 million shares representing 0.79% of their total US portfolio. Moreover, Secor Capital Advisors Lp has 0.46% of their total portfolio invested in the company, equating to 182,081 shares. The California-based Globeflex Capital L P has a total of 0.38% of their portfolio invested in the stock. Pensionfund Dsm Netherlands, a Netherlands-based fund reported 262,500 shares owned.

Inland Real Estate Corporation is a self-managed, real estate investment trust . The company has a market cap of $1000.00 million. The Firm owns and operates neighborhood, community, power and single tenant retail centers. It has 72.89 P/E ratio. As of December 31, 2014, the Company owned interests in 132 investment properties, including 32 owned through its unconsolidated joint ventures, with aggregate leasable space of approximately 15 million square feet.