CapLease, Inc. (LSE) Investor Lawsuit Against Takeover for $8.50 Announced by
SAN DIEGO, June 10, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc.
announces that an investor who holds CapLease, Inc. (LSE) shares filed a
lawsuit to stop the proposed takeover of CapLease, Inc. by American Realty
Capital Properties, Inc. for $8.50 per LSE share.
Investors who purchased shares of CapLease, Inc. (LSE) prior to May 28, 2013
and currently hold any of those LSE shares, have certain options and should
contact the Shareholders Foundation, Inc. at firstname.lastname@example.org
or call +1 (858) 779 - 1554.
On May 28, 2013, American Realty Capital Properties, Inc. and CapLease, Inc.
announced that they have signed a merger agreement under which American Realty
Capital Properties will acquire all of the outstanding shares of CapLease in a
transaction valued at approximately $2.2 billion. American Realty Capital
Properties will pay an amount in cash equal to$8.50per share for each
outstanding share of CapLease common stock, and each share of Series A, Series
B and Series C preferred stock of CapLease will be converted into the right to
receive the sum of$25.00in cash plus an amount equal to any accrued and
unpaid dividends up to but excluding the closing date of the merger.
However, the plaintiff alleges that the defendants breached their fiduciary
duties owed to LSE stockholders arising out of the attempt to sell CapLease,
Inc. at an unfair price via an unfair process to American Realty Capital
Indeed, following the takeover news LSE shares jumped in the open market to as
high as $8.73 per share, thus above the $8.50-offer. In addition, the
plaintiff says that at least one analyst has set a $9.00 per share price
target on CapLease shares.
Furthermore, the plaintiff claims that the process is also unfair to LSE
stockholders. The plaintiff says that the defendants agreed to a transaction
that it is structured to benefit themselves and didn't consider other options.
In addition the plaintiff says that the merger agreement contains preclusive
deal protection devices, such as a up to $21 million termination fee
provision. The plaintiff claims also that after a brief go shop period the
merger agreement contains a no shop provision that restricts CapLease from
considering alternative acquisition proposals.
Those who currently are investors in CapLease, Inc. shares and purchased LSE
shares before the announcement have certain options and should contact the
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring
and settlement claim filing service, which does research related to
shareholder issues and informs investors of securities class actions,
settlements, judgments, and other legal related news to the stock/financial
market. The Shareholders Foundation, Inc. is not a law firm. The information
is provided as a public service. It is not intended as legal advice and should
not be relied upon.
CONTACT: Shareholders Foundation, Inc.
+1 (858) 779-1554
3111 Camino Del Rio North
San Diego, CA 92108
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