San Diego, CA -- (SBWire) -- 02/06/2013 --An investor in shares of American Realty Capital Trust Inc (NASDAQ:ARCT) filed a lawsuit to stop the proposed takeover of American Realty Capital Trust Inc by Realty Income Corporation for a value of $12.21 per NASDAQ:ARCT share.
Investors who purchased shares of the American Realty Capital Trust Inc (NASDAQ:ARCT) prior to September 6, 2012, and currently hold any of those NASDAQ:ARCT shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:ARCT investors by agreeing to sell American Realty Capital Trust Inc too cheaply through an unfair process to Realty Income Corporation.
On September 6, 2012, Realty Income Corporation (NYSE: O) and American Realty Capital Trust, Inc. (NASDAQ: ARCT) announced that they have signed an agreement under which Realty Income Corporation will acquire all of the outstanding shares of American Realty Capital Trust in a transaction valued at approximately $2.95 billion. Under the terms of the agreement, American Realty Capital Trust, Inc. (NASDAQ: ARCT) shareholders will receive a fixed exchange ratio of 0.2874 Realty Income Corporation (NYSE: O) shares for each share of American Realty Capital Trust common stock that they own. Based on Realty Income's closing stock price of $42.48 on September 5, 2012, this consideration would be equivalent to $12.21 per NASDAQ: ARCT share.
However, the plaintiff claims that the offer is too low and undervalues the company. Indeed, at least one analyst has set the high target price for NASDAQ:ARCT shares at $13.00 per share. Furthermore, American Realty Capital Trust’s financial performance improved lately. It reported that its annual Revenue skyrocketed from $5.55 million in 2008 to $129.12 million in 2011. Shares of American Realty Capital Trust Inc (NASDAQ:ARCT) grew from as low as $10.23 per share to slightly below $12 per share on September 5, 2012.
Those who are current investors in American Realty Capital Trust Inc (NASDAQ:ARCT) and purchased their American Realty Capital Trust Inc shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
American Realty Capital Trust Inc (NASDAQ:ARCT) Investor Files Lawsuit to Stop Takeover
A lawsuit was filed by an investor in shares of American Realty Capital Trust Inc (NASDAQ:ARCT) in effort to stop the proposed takeover and NASDAQ:ARCT stockholders should contact the Shareholders Foundation.