Before American Realty Capital Properties merges with American Realty Capital Trust III, an election has to occur to elect the form of consideration that stockholders will receive upon the closing of the transaction has been set.
An election deadline has been set by the New York-based publicly registered, real estate investment program for Feb. 25 at 5:00 p.m.
If ARCT III stockholders do not make an election, their ARCT III shares will be converted into ARCP common stock upon the closing of the merger. If elections for cash are made with respect to a number of shares of ARCT III common stock in excess of 30% of the shares outstanding immediately prior to closing of the merger, cash elections will be reduced on a pro rata basis, with the remaining consideration paid in shares of ARCP.
Elections can be made on the internet (via
The board of directors of ARCT III unanimously recommends that stockholders vote for the proposal to approve the merger and the other transactions contemplated by the merger agreement provided to them.
ARCT III focuses on acquiring free-standing single-tenant retail properties net leased to investment grade and other creditworthy tenants with long-term lease durations that contain non-cancelable lease terms of at least 10 years.
Meanwhile, ARCP’s board of directors also unanimously recommended that their stockholders vote for the proposal to approve the issuance of shares of ARCP common stock to ARCT III stockholders pursuant to the merger agreement.
