MONSEY, N.Y., Oct. 30, 2023 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed sale of Spirit Realty Capital, Inc. (NYSE: SRC) (“Spirit”) to Realty Income Corporation (“Realty Income”) in an all-stock transaction valued at approximately $9.3 billion.
If you remain a Spirit shareholder and have concerns about the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/spirit-realty-capital/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On October 30, 2023, Spirit announced that it had agreed to be sold to Realty Income in an all-stock transaction valued at approximately $9.3 billion.
Under the terms of the merger agreement, Spirit shareholders will receive 0.762 newly-issued Realty Income common shares for each Spirit common share they own. That exchange values each Spirit share at approximately $37.34 per share.
According to TipRanks, the implied deal price of $37.34 per Spirit share is below the average Spirit price target for Wall Street analysts of $41.13 per share.
“We are investigating whether the Spirit Board of Directors acted in the best interests of Spirit shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Spirit shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, shareholders publishing to SeekingAlpha have expressed disappointment with the deal price, with one investor with the screen name of SweetLee71 commenting, “Agree with people who are disappointed . . . [Realty Income is] literally stealing SRC.”
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
