Key Developments: CapLease Inc (LSE.N)
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165,577
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Latest Key Developments (Source: Significant Developments)
American Realty Capital Properties Inc Announces Intention To Close Caplease Merger Earlier Than Expected In Third Quarter Of 2013 In Light Of Expiration Of Caplease's 40-day "Go Shop" Period
American Realty Capital Properties Inc announced its intention to close its previously announced merger with CapLease, Inc. (CapLease). Following CapLease's announcement of the expiration of its 40-day "go shop" period without receipt of any alternative proposals, the Company expects to close the transaction in the third quarter of 2013. CapLease's recent filing of its preliminary proxy statement in connection with its special meeting, at which CapLease stockholders will vote whether to approve the merger, and the expiration of the "go shop" period, provide ARCP with a clear timetable for the closing of the CapLease acquisition. Full Article
Brower Piven Announces Class Action Lawsuit in Connection With Claims of Breaches of Fiduciary Duty by Board of Caplease Inc Connection With Proposed Buyout
Securities litigation firm of Brower Piven, A Professional Corporation, announced that a class action lawsuit has been commenced in the New York Supreme Court for New York County, on behalf of all common stockholders of CapLease Inc (CapLease or Company). According to the complaint, under the terms of the proposed transaction, American Realty Capital Properties, Inc. (American Realty) would acquire the outstanding shares of CapLease for a value of $8.50 per share in cash. As set forth in the complaint, the proposed buyout consideration is woefully inadequate and falls short of at least one analyst`s price target of $9.00 per share. The claims concern, among other things, whether the proposed consideration to be paid to CapLease shareholders is unfair, inadequate, and substantially below the fair or inherent value of CapLease. The complaint alleges that the proposed buyout will entitle the directors of Company to hundreds of thousands of dollars in lump sum cash payments and that the directors of Company have entered into a voting agreement pursuant to which they have already agreed to vote in favor of the proposed buyout. According to the complaint, following a change in control, as contemplated by the merger, CapLease`s CEO will receive a cash payment equal to three times his base salary, three times his average annual bonus, and a pro rata portion of his highest annual bonus for the prior three calendar years, as well as immediate vesting of all his restricted stock awards. Full Article
Caplease Inc Declares Second Quarter Dividends
Caplease Inc announced that its Board of Directors has declared a cash dividend of $0.0775 per share of common stock and per limited partnership unit for the second quarter of 2013. The Company`s Board of Directors also declared a cash dividend of $0.5078125 per share of 8.125% Series A Cumulative Redeemable Preferred Stock, a cash dividend of $0.5234375 per share of 8.375% Series B Cumulative Redeemable Preferred Stock, and a cash dividend of $0.453125 per share of 7.25% Series C Cumulative Redeemable Preferred Stock, all for the second quarter of 2013. Both the common and the preferred dividends are payable on July 15, 2013 to stockholders of record as of June 28, 2013. Full Article
Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by Board of Caplease Inc
Levi & Korsinsky announced that it is investigating the Board of Directors of Caplease Inc for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to American Realty Capital Properties, Inc. The investigation concerns whether the CapLease Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the transaction, and whether American Realty Capital Properties is underpaying for CapLease, thus unlawfully harming CapLease shareholders. Full Article
The Young Law Firm Announces Investigation Of CapLease Inc
The Young Law Firm announced that it is investigating potential claims concerning the proposed buyout of Caplease Inc by American Realty Capital Properties, Inc. The investigation concerns whether CapLease`s Board of Directors has obtained fair value for the sale of the Company and whether the Board has fulfilled its fiduciary duties to CapLease`s shareholders in connection with the proposed sale. Full Article
Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By Board Of Caplease Inc
Levi & Korsinsky is investigating the Board of Directors of CapLease, Inc. for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to American Realty Capital Properties, Inc. Under the terms of the transaction, CapLease shareholders will receive $8.50 for each share of CapLease stock they own. The transaction has a total approximate value of $2.2 billion. The investigation concerns whether the CapLease Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the transaction, and whether American Realty Capital Properties is underpaying for CapLease, thus unlawfully harming CapLease shareholders. Full Article
Securities lawyers at Deans & Lyons Announces Investigation Against Caplease Inc
Securities lawyers at Deans & Lyons announced an investigation against the board of Caplease Inc due to potential violations of shareholder protection laws in the acquisition by American Reality Capital for $8.50 per common stock share. Full Article
Rigrodsky & Long, P.A. Announces Investigation Of Caplease Inc Buyout
Rigrodsky & Long, P.A. announced that it is investigating potential legal claims against the board of directors of Caplease Inc regarding possible breaches of fiduciary duties and other violations of law related to the Company`s entry into an agreement to be acquired by American Realty Capital Properties, Inc. (American Realty) in a transaction valued at approximately $2.2 billion. The investigation concerns whether CapLease`s board of directors failed to adequately shop the Company and obtain the best possible value for CapLease`s shareholders before entering into an agreement with American Realty. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation Of Caplease Inc
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Caplease Inc relating to the proposed acquisition by Realty Capital Properties, Inc. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of CapLease for not acting in the Company`s shareholders' best interests in connection with the sale process. Full Article
Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by Board of Caplease Inc
Levi & Korsinsky announced that it is investigating the Board of Directors of Caplease Inc for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to American Realty Capital Properties, Inc. The investigation concerns whether the CapLease Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the transaction, and whether American Realty Capital Properties is underpaying for CapLease, thus unlawfully harming CapLease shareholders. Full Article
American Realty Capital to buy CapLease for $2.2 billion
- American Realty Capital Properties Inc will buy CapLease Inc for about $2.2 billion, including debt, saying the deal would make it the third largest U.S. real estate investment trust in the net-lease sector where tenants pay most of the operating costs.

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