Thanks for the attention.
Underdisclosed favorite Corvex Management announced some intentions related to American Realty Capital Properties (NASDAQ: ARCP). To ARCP, the intentions were bad.
[Corvex believes] that it is beneficial to add representatives of the shareholders to the Board, particularly given the recent high level of personnel turnover at the company and the critical decisions the company is facing in the near term.
Translated: We’d like to be on the board to assist in directing management.
Consequently, the Reporting Persons have had discussions with the Board to explore the addition to the Board of a representative of the Reporting Persons and potentially other independent persons which might be suggested by the Reporting Persons. Further, the Reporting Persons have had and will continue to have discussions with the Board to share thoughts for enhancing value for all shareholders. Such discussions include, but are not limited to: business strategy and simplification, stabilizing and enhancing the value of Cole Capital, capital allocation, the search process for a new CEO and Chairman, and corporate governance.
Translated: We talked to the board and will continue to talk to the board until some changes are made.
The Reporting Persons may enter into discussions with other shareholders, industry participants and third parties in connection with all or some of the matters referenced in this Item 4.
Translated: Don’t make us call your father.
The ARCP Board of Directors is pleased that Corvex shares its belief that ARCP is an attractive investment. ARCP has had productive conversations with Corvex and be grateful for 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 even out and strengthen ARCP.
Translated: We’ll keep talking until we are forced to do something.