The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of American Realty Capital Trust, Inc. (“ARCT”) (NasdaqGS: ARCT), incorporated in Maryland, and other violations of state law by the board of directors of ARCT relating to the proposed acquisition of the company by Realty Income Corporation (“Realty Income”). The firm’s investigation seeks to determine, among other things, whether the board is breaching their fiduciary duties by failing to maximize shareholder value.
On September 6, 2012, ARCT announced that it has signed a definitive agreement under which Realty Income will acquire all of ARCT’s outstanding common stock for $2.95 billion (including $900.30 million in net debt). Under the terms of the agreement, ARCT shareholders will receive a fixed exchange ratio of 0.2874 Realty Income shares for each share of ARCT common stock held. According to ARCT, the 0.2874 exchange ratio represents a per share consideration of approximately $12.21 per ARCT share. However, according to Yahoo! Finance, at least one analyst has set a price target of $13.00 per share. Moreover, one analyst noted that ARCT (which went public at $10.50 per share in March) is selling out “too soon and for too little.”
If you currently own shares of ARCT and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at
, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Brower Piven is the only firm headquartered in Maryland with a practice dedicated primarily to shareholder class action litigation. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.