New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
January 7, 2013
09:12 EDTARCT, ORealty Income to now pay American Realty holders 35c cash and 0.2874 shares
Realty Income (O) and American Realty Capital Trust (ARCT) announced that they have signed an amendment to the previously announced definitive merger agreement between the two companies. Under the terms of the agreement as amended Realty Income will now pay ARCT stockholders a one-time cash payment of 35c per share in addition to the existing fixed exchange ratio of 0.2874 Realty Income shares for each share of ARCT common stock that they own. The additional cash consideration of 35c per share totals approximately $55.5M in additional proceeds for the ARCT stockholders, of which approximately $52.5M is being funded by Realty Income and $3.0M by AR Capital, including William M. Kahane, CEO, President and Director of ARCT, and Nicholas S. Schorsch, Chairman of the board of directors of ARCT. Realty Income also announced that upon the closing of the transaction, its board of directors intends to increase the annualized dividend to Realty Income stockholders by approximately 35c per share, to an annualized rate of $2.17 per share beginning with the February 2013 distribution. This represents a 22c increase to the original dividend increase of 13c per share that Realty Income estimated when the transaction was initially announced. In addition, based on Realty Income’s strong revenue and Adjusted Funds from Operations outlook for 2013, Realty Income announced that its board of directors intends to raise the annualized dividend by 10c per share in February 2013 even if the ARCT transaction does not close. The 35c per share estimated annualized dividend increase, expected after the close of the merger with ARCT, includes this 10c per share increase.
News For O;ARCT From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
There are no results for O;ARCT

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use