STEVENSON, Md., Oct. 29, 2013 (GLOBE NEWSWIRE) -- The securities litigation firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Arizona on behalf of all common stockholders of Cole Real Estate Investments, Inc. ("Cole" or the "Company") (NYSE:COLE).
The complaint alleges breaches of fiduciary duty against the members of Cole's Board of Directors for their agreement to sell the Company for inadequate consideration pursuant to a deficient process that was skewed toward providing the Company's directors and officers with extraordinary benefits not shared by the rest of the Company's shareholders.
According to the complaint, shareholders may elect to receive 1.0929 shares of American Realty Capital Properties, Inc. ("ARCP") common stock or $13.82 in cash for each share of Cole REIT common stock, subject to proration if elections for cash exceed 20% of the Company's outstanding shares. Considering the ratio of stock (80%) and cash (20%) consideration, as well as ARCP's closing stock price on October 22, 2013, the day before the parties' announcement, the Merger is worth $14.44 per share to Cole REIT's stockholders. 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 class action lawsuit, 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. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.