UPDATE 1-Penn REIT shares hit life-high on sale speculation
(Adds details, analyst comments, updates share movement)
By Suzannah Benjamin
BANGALORE, April 5 (Reuters) - Shares of Pennsylvania Real Estate Investment Trust (PEI.N) hit a lifetime-high on speculation that the company had put itself up for sale, but retreated after it denied any such move.
The company's shares rose about 8 percent to $50.39 in morning trade after a trade publication said, "Penn REIT is quietly (or not so quietly depending on who one talks with) shopping itself."
"There is no truth to that," Pennsylvania REIT vice president of investor relations Nurit Yaron told Reuters from Philadelphia.
The trade publication, The REIT Newshound, said CBL & Associates Properties Inc. (CBL.N) has been talking to Penn REIT for some time.
"We don't comment on market rumour," a CBL spokeswoman said by phone.
REIT Newshound mentioned General Growth Properties Inc. GGP.N as another possible bidder, but said CBL was the more likely buyer.
General Growth was not immediately available for comment.
UBS analyst Jeffrey Spector said any REIT that is trading at a discount to its net asset value could be in play.
On Penn REIT, Spector said, "I don't believe the speculation is true."
Penn REIT shares were trading about 2 percent up at $47.50 in late trade on the New York Stock Exchange.
About 1.1 million shares were traded on Thursday, which is almost four times their 50-day moving average volume.
