Girard Gibbs is investigating the board of directors of American Realty Capital Trust III, Inc. (ARCT III) for possible breaches of fiduciary duty and other violations. American Realty Capital Trust III investors who wish to learn more about the investigation, and persons with information relating to the investigation, should contact Girard Gibbs securities fraud lawyer Jonathan K. Levine toll free at (866) 981-4800.
On December 17, 2012, American Realty Capital Trust III announced that it had entered into a definitve merger agreement with American Realty Capital Properties (ARCP) under which American Realty Capital Properties would acquire American Realty Capital Trust III. The terms of the transaction allowed shareholders to exchange their American Realty Capital Trust III shares for either 0.95 of a share of American Realty Capital Properties common stock or $12 in cash. The aggregate amount of cash shareholders may receive is limited to 30% of the outstanding shares of American Realty Capital Trust III.
The terms of the agreement also include a provision precluding American Realty Capital Trust III’s Board from soliciting competing acquisition offers or negotiating with other suitors as well as a “termination rights” clause providing that American Realty Capital Trust III will pay any out-of-pocket expenses of American Realty Capital Properties up to $10 million if American Realty Capital Trust III backs out of the deal.









