Temporary Restraining Order Sought to Stop Merger of Cole Holdings Corporation with Cole Credit Property Trust III, Inc., Announces Chimicles & Tikellis LLP

HAVERFORD, Pa. and BALTIMORE, March 28, 2013 /PRNewswire-USNewswire/ -- Chimicles & Tikellis LLP announces that a Motion seeking to temporarily restrain the merger of Christopher Cole's company, Cole Holdings Corporation ("Cole Holdings"), with Cole Credit Property Trust III, Inc. ("CCPT III") was filed today in the Circuit Court for Baltimore City, Maryland, in the case Strub v. Cole Holdings Corporation, et al, Case No. 24-C-13-001563 ("Action"). 

On March 5, 2013, an Agreement and Plan of Merger was executed by and among CCPT III, Christopher Cole, Cole Holdings and CREInvestments, LLC (the "Merger Agreement"). The Merger provides that Cole Holdings will be merged with and into a CCPT III subsidiary in exchange for a substantial payment of cash and CCPT III stock to Christopher Cole.  This type of transaction is often called an "internalization" of external management.  Christopher Cole owns Cole Holdings, and is also the Chairman of CCPT III's Board and its President and Chief Executive Officer.  The Action, brought on behalf of CCPT III and its shareholders, seeks damages and injunctive relief for alleged misconduct in connection with the internalization, Merger and the public offers made by American Realty Capital Properties, Inc. to acquire CCPT III, among other things.  

CCPT III shareholders are not being asked to vote on or approve the Merger prior to it being effective and consummated.  The Action alleges that shareholder approval of the internalization and Merger is required.  The Motion filed today seeks to temporarily prohibit the closing of the Merger until the Court determines whether CCPT III shareholders must be given the opportunity to vote on whether to approve and proceed with the Merger.

Information about the Action and today's filing can be found at www.chimicles.com.  To discuss your rights as a CCPT III shareholder or if you have information relating to the Action, contact Plaintiff's counsel:

Nicholas E. Chimicles
Kimberly Donaldson Smith ([email protected])
Christina D. Saler ([email protected])
CHIMICLES & TIKELLIS LLP
One Haverford Centre
361 West Lancaster Avenue
Haverford, PA 19041
Telephone: (610) 642-8500
Toll Free:   (888) 805-7848
Fax: (610) 649-3633
Website:  www.chimicles.com

For over 30 years, Chimicles & Tikellis LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered billions of dollars for its clients.  

SOURCE Chimicles & Tikellis LLP