CapLease, Inc. (LSE) Investor Lawsuit Against Takeover for $8.50 Announced by Shareholders Foundation 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 Properties, Inc. 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 Shareholders Foundation. 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. Trevor Allen +1 (858) 779-1554 email@example.com 3111 Camino Del Rio North Suite 423 San Diego, CA 92108 SF logo
CapLease, Inc. (LSE) Investor Lawsuit Against Takeover for $8.50 Announced by Shareholders Foundation
Press spacebar to pause and continue. Press esc to stop.