This Day On The Street
Continue to site
ADVERTISEMENT
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

ISS Recommends ARCP Stockholders Vote For Proposed Merger





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: http://photos.prnewswire.com/prnh/20120529/NY15147LOGO )

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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs