Plymouth Industrial REIT (PLYM) stock underwent a huge rally on Tuesday after the industrial real estate investment trust (REIT) received an unsolicited, non-binding proposal from investment firm Sixth Street Partners, LLC. Sixth Street Partners has offered to acquire all outstanding shares of PLYM stock for $24.10 each in cash. The investment firm already holds a 9.99% stake in Plymouth Industrial REIT.
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Sixth Street Partners’ offer for Plymouth Industrial REIT represents a 64.6% premium to its previous closing price of $14.64. Plymouth Industrial REIT noted that shareholders don’t have to take any action related to this offer. The company also said it will “evaluate the proposal to determine the course of action it believes is in the best interests of all Plymouth shareholders.”
Plymouth Industrial REIT has signed KeyBanc Capital Markets to serve as its financial advisor, and Morrison & Foerster LLP as its legal advisor for this offer. The company said it isn’t obligated to provide any further updates connected to this proposal or other offers.
Plymouth Industrial REIT Stock Movement Today
Plymouth Industrial REIT stock was up 41.73% in pre-market trading on Tuesday, following a 2.2% drop yesterday. The shares have also fallen 15.28% year-to-date and 37.99% over the past 12 months. Today’s news brought increased trading activity to PLYM stock, with some 318,000 shares having changed hands, compared to a three-month daily average of about 362,000 units.
Is Plymouth Industrial REIT Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Plymouth Industrial REIT is Moderate Buy, based on four Buy and three Hold ratings over the past three months. With that comes an average PLYM stock price target of $18.50, representing a potential 26.37% upside for the shares.
