This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

ISS Recommends ARCP Stockholders Vote For Proposed Merger

Stocks in this article: ARCP

NEW YORK, Feb. 7, 2013 /PRNewswire/ --  American Realty Capital Properties, Inc. ("ARCP" or the "Company") (NASDAQ: ARCP) today announced that Institutional Shareholder Services ("ISS"), a leading independent proxy voting and corporate governance advisory firm, recommends shareholders vote for the proposed merger between ARCP and American Realty Capital Trust III, Inc. ("ARCT III"). 

(Logo: )

ISS recommends that ARCP stockholders support the proposal to approve the issuance of shares of ARCP common stock to the stockholders of ARCT III in connection with the proposed merger, announced on December 17, 2012. 

Nicholas S. Schorsch, Chairman and Chief Executive Officer of ARCP, said, "We are extremely pleased that ISS recognizes the significant value creation and strategic benefits of the transformative combination of ARCP and ARCT III.  This combination creates a leader in the net lease sector and provides investors with durable income, principal protection and outsized growth potential."

In its recommendation issued on February 7, 2013, ISS stated: *

"… the transaction will result in considerable economies of scale and estimated cost savings of up to $48.0 million as well as diversify ARCP's real estate portfolio. These benefits should create certain competitive advantages for the combined company including a lower cost of capital, which likely will benefit shareholders going forward. In addition, the initially implied and currently implied merger consideration is within the estimated valuation ranges derived by the company's financial advisor."

As previously announced on December 17, 2012, ARCP and ARCT III entered into a definitive merger agreement under which ARCP will acquire all of the outstanding shares of ARCT III in a transaction that would result in a combined company with $3.0 billion of enterprise value.  Pursuant to the terms of the merger agreement, each outstanding share of ARCT III will be converted into a right to receive, at the election of each stockholder, either 0.95 of a share of ARCP common stock or $12.00 in cash.

A Special Meeting of ARCP Stockholders to consider and vote on a proposal to approve the issuance of shares of ARCP common stock to the stockholders of ARCT III pursuant to the merger agreement has been scheduled for 9:00am ET on February 26, 2013, at The Core Club located at 66 East 55th Street, New York, NY 10022.  Stockholders of record as of January 4, 2013, will be entitled to vote at the Special Meeting and will receive the definitive proxy materials to register their vote.

Stockholders who have any questions or need assistance voting their shares, should contact the Companies' proxy solicitor, Innisfree M&A Incorporated toll free at (877) 800-5187.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs