After Spirit Realty (SRC) and Realty Income (O) announced an all stock merger that will see which Spirit holders receive 0.762 Realty Income shares per share owned and result in Realty Income owning 87% and Spirit 13% of the newly combined company, Truist does not expect a superior bid for Spirit Realty given the 15% premium, “unique and relatively favorably priced currency” Realty is using and large size of the transaction. Truist has a Buy rating on Spirit Realty shares.
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