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Baltimore firm files shareholder lawsuit against REIT merger

Baltimore firm files shareholder lawsuit against REIT merger

A Baltimore law firm said Monday that it filed a shareholder lawsuit against Cole Real Estate Investments Inc., claiming that the Phoenix-based company agreed to sell itself for less than its value.

Cole agreed last month to be acquired by American Realty Capital Properties Inc. of New York in an $11.2 billion deal. Cole had rejected an earlier offer to be acquired by American Realty. Law firm Murphy, Falcon & Murphy filed a lawsuit on behalf of Cole investors claiming that — contrary to shareholders' interests — the sale price is too low and the deal guarantees hefty payments to a few people, including Cole's founder and executive chairman. Cole and American Realty, real estate...

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