American Realty Hit With Shareholder Suit Over $2.2B Deal

Law360, New York (January 31, 2013, 1:57 PM EST) -- A shareholder of American Realty Capital Trust III Inc. lobbed a proposed class action at the trust in New York state court Thursday, alleging its $2.2 billion merger with American Realty Capital Properties Inc. seriously undervalues the company.

Randell Quaal contends that ARCP's $12.26-per-share offer in the stock exchange deal, which represents a 20 percent premium on ARCT III shares, is unfair considering a series of recent deals in the industry with other nontraded real estate investment trusts have averaged 46 percent premiums, according to the...
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