Press release from Business Wire
American Realty Capital Trust Buyout Investigated by Securities Attorneys at The Briscoe Law Firm and Powers Taylor, LLP
Thursday, September 06, 2012
DALLAS (Business Wire) -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the proposed American Realty Capital Trust Buyout for shareholders. American Realty Capital Trust, Inc. (“ARCT”) (NASDAQGS: ARCT) announced that it will be acquired by Realty Income Corp. in a deal estimated at $2.95 billion, including the assumption of debt. Under the terms of the transaction, ARCT shareholders will only receive 0.2874 of a share of Realty Income for each share of ARCT owned. Thus, based upon closing prices, ARCT shareholders will receive a value of approximately $12.21 per share, well below at least one analyst's estimated value of $13.00 per share.
There is no cost or fee for you to join the action. Thus, if you are an affected investor, and you want to learn more about the lawsuit or join the action, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com.
Shareholder rights attorney Willie Briscoe stated that “our investigation relates to the fairness of the proposed price for ARCT shareholders and whether the Board of Directors is adequately shopping the company in order to obtain the best possible price for the shareholders.” Notably, according to at least one analyst with Yahoo! Finance, the true inherent value of ARCT could be as high as $13.00 per share, well above the value of the proposed transaction. “Our lawsuit will seek to obtain the highest possible price for each share of ARCT stock owned.”
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a Dallas litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
Powers Taylor, LLP
Patrick Powers, 877-728-9607
The Briscoe Law Firm, PLLC
Willie Briscoe, 214-706-9314