STEVENSON, Md.--()--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 Credit Property Trust III, Inc. (“Cole III” or the “Company”) and other violations of state law by the board of directors of Cole III relating to the proposed acquisition of the Company by American Realty Properties, Inc. (“ARCP”) (Nasdaq: ARCP). As stated in the press release announcing the proposed acquisition, Cole III shareholders will receive: (1) $12.00 in cash for each share of Cole III they own; or (2) 0.80 shares of ARCP common stock for each share of Cole III they own.
The firm is also investigating whether Cole III’s board of directors breached its fiduciary duties in connection with Cole III’s proposed acquisition of its asset manager and sponsor company, Cole Holdings Corporation (“Cole Holdings”). On March 6, 2013, Cole III announced that it had executed a definitive merger agreement under which Cole III will acquire Cole Holdings. Under the terms of the agreement, Cole III will make an upfront payment to management and Cole Holdings’ founder, Chris Cole, of $127 million in cash and stock for the internalization transaction. According to ARCP, it communicated to Cole III’s financial advisor that it was interested in a potential acquisition of Cole III prior to the announcement of Cole III’s proposed acquisition of Cole Holdings, and was surprised that it did not receive a response.
If you currently own common stock of Cole III 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 firstname.lastname@example.org, 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. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.