Key Developments: CapLease Inc (LSE.N)

LSE.N on New York Stock Exchange

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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
Monday, 8 Jul 2013 06:24am EDT 

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
Tuesday, 18 Jun 2013 02:55pm EDT 

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
Wednesday, 12 Jun 2013 04:01pm EDT 

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
Tuesday, 4 Jun 2013 05:49pm EDT 

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
Tuesday, 4 Jun 2013 10:57am EDT 

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
Friday, 31 May 2013 07:11am EDT 

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
Thursday, 30 May 2013 06:11pm EDT 

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
Thursday, 30 May 2013 05:54pm EDT 

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
Thursday, 30 May 2013 12:32pm EDT 

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
Thursday, 30 May 2013 10:23am EDT 

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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