Levi & Korsinsky is investigating the Board of Directors of Spirit Realty Capital, Inc. (“Spirit Realty” or the “Company”) (NYSE: SRC) for possible breaches of fiduciary duty and other violations of state law against the board of directors of the Company in connection with the sale of the Company to Cole Credit Property Trust II (“CCPT II”).
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Under the terms of the transaction, Spirit Realty shareholders will receive a fixed exchange ratio of 1.9048 CCPT II shares for each share of Spirit Realty common stock owned. The transaction has a total pro forma enterprise value of approximately $7.1 billion. Following the close, CCPT II shareholders are expected to own approximately 56% and Spirit Realty shareholders approximately 44% of the common shares of the combined REIT. Spirit Realty's largest shareholders, Macquarie Capital and TPG-Axon, who together own approximately 15% of Spirit Realty, have executed agreements that state their intention to vote in favor of the transaction. The investigation concerns whether the Spirit Realty Board of Directors breached their fiduciary duties to its stockholders by entering into this transaction.
If you own common stock in Spirit Realty and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at
or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or
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