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Inland Raises Stake in Cedar

Inland American Real Estate Trust Inc. has raised its stake in Cedar Shopping Centers Inc. to 12.3 percent, according to a filing with the Securities and Exchange Commission Wednesday.

Inland American beneficially owns 5.4 million shares, or a 12.3 percent stake based on 44.2 million shares outstanding as of Nov. 2.

Previously, the company reported owning about 5 million shares, or an 11.3 percent stake in the Port Washington, N.Y.-based shopping-center real estate investment trust.

Last month, Inland American, a REIT affiliate of Inland Real Estate Group of Cos., said it may seek control of Cedar through a cash tender offer, a possible merger or acquisition or through representation on the company's board.

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