Home News Corvex Management LP Purchases 7.9 Million Shares of ARCP

Corvex Management LP Purchases 7.9 Million Shares of ARCP

According to a recent filing with the Securities and Exchange Commission, Corvex Management LP (Corvex) has taken a 7.1% stake in American Realty Capital Properties (ARCP) by purchasing 7.9 million shares for $71.1 million and 56.7 million shares in call options for $158.1 million.

An activist investment firm headed by Keith Meister, Corvex commented, “We commend the board’s decision to retain qualified advisors in seeking to promptly resolve past issues and position the company to look to the future rather than focusing on the past.” Corvex added, “This is a time of transition and a unique opportunity for a ‘new start’ for the company and its shareholders.”

In response to Corvex, ARCP released a statement saying, “The ARCP Board of Directors is pleased that Corvex shares its belief that ARCP is an attractive investment. ARCP has had constructive conversations with Corvex and appreciates its support of the actions the Board has taken to date. The Board will continue to prioritize transparency and an open dialogue with all stockholders, as well as the best path forward for the Company and its employees, as it seeks to stabilize and strengthen ARCP.”

In light of this news, ARCP’s stock had increased today and at the time this article was written was trading on the NASDAQ for $9.03.