San Diego, CA -- (SBWIRE) -- 06/17/2013 -- An investor, who currently holds NYSE:LSE shares, filed a lawsuit in effort to stop the takeover of CapLease, Inc. by American Realty Capital Properties, Inc. for $8.50 per NYSE:LSE share.

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.

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, the plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:LSE stockholders arising out of the attempt to sell CapLease, Inc. at an unfair price via an unfair process to American Realty Capital Properties, Inc.

Indeed, following the takeover news NYSE:LSE shares jumped in the open market to as high as $8.73 per share, thus above the $8.50-offer. In addition, the plaintiff says that at least one analyst has set a $9.00 per share price target on Caplease shares.

Furthermore, 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. In addition, shares of CapLease, Inc. grew from $3.32 in October 2011 to as high as $7.57 per share on May 17, 2013.

Furthermore, the plaintiff claims that the process is also unfair to NYSE:LSE stockholders. The plaintiff says that the defendants agreed to a transaction that it is structured to benefit themselves and didn’t consider other options. In addition the plaintiff says that the merger agreement contains preclusive deal protection devices. The plaintiff claims that after a brief go shop period the merger agreement contains a no shop provision that restricts Caplease from considering alternative acquisition proposals. Futheremore, the agreement a up to $21 million termination fee.

Among other things, the plaintiff seeks to stop the proposed takeover under the current conditions.

On June 5, 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.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com