Inland American Real Estate Trust Inc, which reported a 9.8 percent stake in Cedar Shopping Centers Inc., said it was considering seeking control of the real estate company through an acquisition, merger or gaining representation on Cedar's board.In a regulatory filing, Inland American said on Tuesday it planned to ask Cedar Shopping to waive a limit that prohibits any person or group from owning more than 9.8 percent of its outstanding stock.
Cedar shares, which have lost about 30 percent since the start of 2007, rose more than 7 percent to a high of $10.93 Wednesday. The stock trades at more than 8 times forward earnings, lagging the Retail REIT sector that trades at a multiple of more than 12.
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