Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ANN ARBOR, MI-Captec Net Lease Realty, Inc. has mailed letters to company stockholders urging them to vote for the proposed merger with Commercial Net Lease Realty, Inc. The letter is billed as a truth vs. fiction account from the company on why shareholders should reject stockholder Phil Goldstein’s plan to reject the merger.

Edward Ptaszek, the secretary of the company’s board of directors, says Goldstein called the company last week and offered to sell his shares at the expense of all other stockholders, that there is no alternative offer for acquiring Captec and that liquidation would be too costly an option. Also, Ptaszek says pursuing appraisal rights is a costly and time-consuming process that would require filing a lawsuit, which would temporarily end dividends and reduce share value.

Goldstein has said the company’s president is pocketing money on various deals, and Captec officials have been misleading shareholders about the merger. A special merger meeting is scheduled for Monday.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.