Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of American Realty Capital Trust, Inc. (“ARCT” or the “Company”) (NASDAQ GS: ARCT) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Realty Income Corporation (“Realty Income”) (NYSE: O) in a transaction valued at approximately $2.95 billion, including debt.
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Under the terms of the proposal, public shareholders of ARCT will receive 0.2874 shares of Realty Income stock for each share of ARCT they own. Based on Realty Income’s closing price on September 5, 2012 of $42.48, the total value would be approximately $12.21 for each share of ARCT owned.
The investigation concerns whether ARCT’s board of directors failed to adequately shop the Company and obtain the best possible value for ARCT’s shareholders before entering into an agreement with Realty Income. According to Yahoo! Finance, at least one analyst has set a price target for ARCT stock at $13.00 per share.If you own the common stock of ARCT and purchased your shares before September 6, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 toll free at (888) 969-4242, by e-mail to email@example.com, or at: http://www.rigrodskylong.com/investigations/american-realty-capital-trust-arct. Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.