CapLease Investor Sues To Stop $2.2B American Realty Deal

Law360, New York (June 5, 2013, 4:34 PM EDT) -- American Realty Capital Properties Inc. shouldn't be allowed to buy CapLease Inc. in a $2.2 billion deal because CapLease executives structured the deal to benefit themselves and didn't consider other options, a shareholder alleged Tuesday in a proposed New York class action.

The proposed takeover, which would make American Realty Capital the third-largest net lease U.S. REIT, values each CapLease share at $8.50, even though its shares are worth upward of $9 per share, according to the complaint filed in New York state court.

"The company’s...
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