An investigation on behalf of investors of CapLease, Inc. (NYSE:LSE) in connection with the proposed takeover was announced and NYSE:LSE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/03/2013 -- An investigation on behalf of investors in CapLease, Inc. (NYSE:LSE) shares was announced concerning whether the offer by American Realty Capital Properties, Inc. to acquire CapLease, Inc. for $8.50 per NYSE:LSE share and the takeover process are unfair to investors in CapLease shares.
Investors who purchased shares of CapLease, Inc. (NYSE:LSE) prior to May 28, 2013, and currently hold any of those NYSE:LSE shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of CapLease, Inc. breached their fiduciary duties owed to NYSE:LSE investors in connection with the proposed acquisition.
On May 28, 2013, American Realty Capital Properties, Inc. and CapLease, Inc. announced that they have signed a merger agreement under which American Realty Capital Properties will acquire all of the outstanding shares of CapLease in a transaction valued at approximately $2.2 billion. American Realty Capital Properties will pay an amount in cash equal to $8.50 per share for each outstanding share of CapLease common stock, and each share of Series A, Series B and Series C preferred stock of CapLease will be converted into the right to receive the sum of $25.00 in cash plus an amount equal to any accrued and unpaid dividends up to but excluding the closing date of the merger.
However, given that following the takeover news NYSE:LSE shares jumped in the open market to as high as $8.73 per share, the investigation a law firm concerns whether the offer is too low for NYSE:LSE stockholders. More specifically, the investigation focuses on whether the CapLease Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
CapLease’s financial performance improved lately. For instance, its annual Revenue rose from $128.00 million in 2011 to $137.13 million and its Operating Loss of $2.92 million from 2011 turned into Operating Income of $14.87 million in 2012.
Shares of CapLease, Inc. grew from $3.32 in October 2011 to as high as $7.57 per share on May 17, 2013.
On May 29, 2013, NYSE:LSE shares closed at $8.61 per share.
Those who are current investors in CapLease, Inc. (NYSE:LSE), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego