Law Firm Brower Piven Announces Investigation of Cole Real Estate Investments, Inc. Proposed Merger
October 23 2013 - 2:41PM
Business Wire
The securities litigation firm of Brower Piven, A Professional
Corporation, has commenced an investigation into possible breaches
of fiduciary duty to current shareholders of Cole Real Estate
Investments, Inc. (“Cole” or the “Company”) (NYSE: COLE) and other
violations of state law by the board of directors of Cole relating
to the proposed merger of the Company with American Realty Capital
Properties, Inc. (“ARCP”). The firm’s investigation seeks to
determine, among other things, whether the board of directors of
Cole breached their fiduciary duties by failing to maximize
shareholder value.
According to the press release announcing the proposed merger,
Cole shareholders may elect to receive 1.0929 shares of ARCP common
stock (reflecting a fixed exchange ratio) or $13.82 cash for each
share of Cole common stock they own. Based on the fixed
exchange ratio of 1.0929 and ARCP’s closing price of $13.35 on
October 22, 2013, the share offer is valued at $14.59 per Cole
common share. According to Yahoo! Finance, at least one analyst
following Cole has set a target price of $15.00 per share.
If you currently own common stock of Cole and would like to
learn more about the investigation being conducted by Brower Piven,
you may email or call Brower Piven, who will, without obligation or
cost to you, attempt to answer your questions. You may contact
Brower Piven by email at hoffman@browerpiven.com, by calling (410)
415-6616, or at Brower Piven, A Professional Corporation, 1925 Old
Valley Road, Stevenson, Maryland 21153. Brower Piven is the only
firm headquartered in Maryland with a practice dedicated primarily
to shareholder class action litigation. The firm is experienced
with the Maryland legal standards that will apply in seeking to
protect shareholders' rights. Attorneys at Brower Piven have
combined experience litigating securities and other class action
cases of over 60 years.
Brower Piven, A Professional CorporationStevenson,
MarylandCharles J. Piven, (410) 415-6616hoffman@browerpiven.com
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