NEW YORK, Oct. 23, 2013 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of Cole Real Estate Investments, Inc. (NYSE: COLE) on behalf of its shareholders. American Realty Capital Properties Inc. (NASDAQ: ARCP) announced that it has entered into a definitive merger agreement with Cole to merger the two companies.
Under the terms of the merger agreement, ARCP would offer 1.0929 of its shares or $13.82 in cash for each Cole share. The stock offer is valued at $14.59 per Cole share based on ARCP's closing price of $13.35 on October 22, 2013.
The investigation concerns whether the senior management and board of directors of Cole breached their fiduciary duties to shareholders by selling the company for an unfair price through an unfair process. Indeed, the book value alone of the company is worth over $8 per share and analysts have projected the stock to be worth more than the offer price ($15 per share). Further, the offer is well below that of multiples of comparable deals in the industry recently.
If you would like additional information as to how this acquisition of Cole affects your rights as a shareholder, please contact us at:
Tripp Levy PLLC is a national law firm and has recovered millions of dollars for shareholders around the globe in mergers and takeover matters. Attorney advertising. Prior results do not indicate a similar outcome.
SOURCE Tripp Levy PLLC