Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Spirit Realty Capital, Inc. (“Spirit Realty” or the “Company”) (NYSE: SRC) relating to the proposed merger with Cole Credit Property Trust II (“CCPT II”).
Under the terms of the transaction, Spirit Realty shareholders will receive only a fixed exchange ratio of 1.9048 CCPT II shares for each share of Spirit Realty stock they own. CCPT II shareholders are expected to own approximately 56% and Spirit Realty shareholders are expected to own only approximately 44% of the common shares of the combined REIT.
The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Spirit Realty for not acting in the Company’s shareholders' best interests in connection with merger with CCPT II. The deal comes less than one year after Spirit Realty’s initial public offering and involves a non traded real-estate investment trust merging with a public REIT. It has also been reported that CCPT II acquired many of its properties before the downturn in real estate values in 2009.
If you own shares of Spirit Realty stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at
http://brodsky-smith.com/533-src-spirit-realty-capital-inc.html, by calling toll free 877-LEGAL-90.