New York, New York (PRWEB) February 08, 2013
Zamansky & Associates LLC notifies all investors in the American Realty Capital Trust III real estate investment trust (ARCT III) that a lawsuit was filed on January 30, 2013, on behalf of shareholders in ARCT III, over its acquisition by American Realty Capital Properties, Inc. (“ARCP”) and its wholly-owned subsidiary Tiger Acquisition, LLC. The case is Quaal v. American Realty Trust III, Inc., 6560329/2013, New York State Supreme, New York County.
On December 17, 2012, ARCP issued an announcement of its acquisition of ARCT III to create a merged company with $3 billion in enterprise value. Shareholders of ARCT III stand to receive .95 shares of ARCP stock in the new company, or $12.00 in cash, for their shares, but no more than 30% of the shares can take the cash offer. According to the announcement, the merger agreement is subject to customary closing conditions, including a stockholder vote by both companies, and the transaction is expected to close during the second quarter of 2013.
The lawsuit asserts that the Board of Directors breached its fiduciary duty to maximize shareholder value. The Directors allegedly put too low a premium on ARCT III’s share valuation, and adopted a number of deal protections which eliminated a meaningful competitive bidding process. For relief, the lawsuit seeks to enjoin consummation of the transaction and the shareholder vote as well as compensatory damages.
What ARCT III Investors Can Do
If you are a shareholder of ARCT III would like to discuss your legal rights, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky & Associates
Zamansky & Associates LLC is one of the leading law firms specializing in securities fraud and financial services arbitration and class action litigation. We represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
To learn more about Zamansky, please visit our website, http://www.zamansky.com.
Zamansky & Associates, LLC
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414