Keith Meister's hedge fund firm Corvex Management has filed an amended 13D with the SEC regarding their position in American Realty Capital (ARCP). They now own 7.8% of the company with exposure to over 70.6 million shares.
This is an increase of over 5.9 million shares since Corvex first reported its ARCP stake in December. They acquired call options and common stock in late December/early January and sold put options as well.
The activist filing also includes an open letter that Corvex has written to the board of ARCP and to candidates for Chairman and CEO. You can read the full letter here.
Per Google Finance, American Realty Capital is "a real estate investment trust (REIT). The Company owns and acquires single-tenant, freestanding commercial real estate primarily subject to medium-term net leases with credit quality tenants."
Tuesday, February 10, 2015
Corvex Management Increases ARCP Stake, Writes Letter to Board
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