An investigation on behalf of investors of Spirit Realty Capital Inc (NYSE:SRC) in connection with the proposed takeover was announced and NYSE:SRC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/19/2013 -- An investigation on behalf of investors in Spirit Realty Capital Inc (NYSE:SRC) shares was announced concerning whether the offer to acquire Spirit Realty Capital Inc and the takeover process are unfair to investors in NYSE:SRC shares.
Investors who purchased shares of Spirit Realty Capital Inc (NYSE:SRC) prior to January 22, 2013, and currently hold any of those NYSE:SRC 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 Spirit Realty Capital Inc breached their fiduciary duties owed to NYSE:SRC investors in connection with the proposed acquisition.
On Jan 22, 2013, Spirit Realty Capital, Inc. (NYSE: SRC) and Cole Credit Property Trust II announced that their Boards of Directors have approved an agreement to merge their companies. Pursuant to the terms of the merger agreement, Spirit Realty shareholders will receive a fixed exchange ratio of 1.9048 CCPT II shares for each share of Spirit Realty common stock owned (equates to 0.525 Spirit Realty shares for each share of CCPT II).
However, given that at least one analyst has set the high target price for NYSE:SRC shares at $23.00 and that shares of Spirit Realty Capital Inc (NYSE:SRC) grew from $15.00 in September 2012 to as high as almost $18 in early Jan 2013, the investigation a law firm concerns whether the offer is too low for NYSE:SRC stockholders.
Furthermore, given that Spirit Realty's largest shareholders, Macquarie Capital and TPG-Axon, who together own approximately 15% of Spirit Realty, have executed agreements that state their intention to vote in favor of the transaction, the investigation focuses on whether the Spirit Realty Capital 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.
Those who are current investors in Spirit Realty Capital Inc (NYSE:SRC), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
Contact Us: 888-4-SBWIRE (US) - 920-321-1250 (International)