A CapLease Inc. shareholder sued to block the company’s proposed $2.2 billion sale to real-estate investment trust American Realty Capital Properties Inc., saying the price is too low.
American Realty, seeking to expand its holdings of single-tenant commercial properties, agreed to pay $8.50 a share for CapLease’s common stock, or about $755 million, plus the assumption of debt, according to a May 28 regulatory filing. That’s 20 percent higher than the May 24 closing price of $7.10. CapLease preferred shares will be converted into the right to receive $25 a share in cash plus accrued dividends.
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