SAN DIEGO and PHOENIX, Oct. 23, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the merger of Cole Real Estate Investments, Inc. (NYSE: COLE) with American Realty Capital Properties, Inc. (NASDAQ: ARCP).
Learn more about our investigation on our Shareholder Rights Blog: http://www.robbinsarroyo.com/shareholders-rights-blog/cole-real-estate-investments/
On October 23, 2013, Cole and American Realty jointly announced the signing of a definitive merger agreement under which American Realty will acquire Cole in a transaction pursuant to which shareholders will choose whether to receive 1.0929 shares of American Realty stock or $13.82 in cash per share. The transaction is expected to close in the first half of 2014.Is the Merger Best for Cole and Its Shareholders? Robbins Arroyo LLP's investigation focuses on whether the board of directors at Cole is undertaking a fair process to obtain maximum value and adequately compensate Cole shareholders in the merger. As an initial matter, there is at least one analyst with a target of $15, which is above the offer price. Moreover, Cole is currently experiencing success and growth in its business prospects, as indicated in its August 5, 2013 press release announcing the company's financial results for its second quarter ending June 30, 2013. In particular, Cole reported:
- a 91% increase in consolidated revenue for the quarter;
- a 40% increase in Consolidated Normalized EBITDA for the quarter; and
- a 26% net income increase.
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