Corvex Management Discloses 7.1% Stake In American Realty Capital Properties

(RTTNews) - Activist investor Keith Meister's hedge fund firm, Corvex Management LP, disclosed in a regulatory filing that it accumulated 64.70 million shares or a 7.1% stake, in American Realty Capital Properties Inc. (ARCP).

Corvex said it has had discussions with the Board of directors of the company to explore the addition to the Board of a representative of Corvex and potentially other independent persons which might be suggested by Corvex.

Separately, American Realty Capital Properties said, "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."

The company noted that its board remains focused on working with its advisors to complete the Audit Committee's previously announced investigation and any necessary restatements of ARCP's financial statements as soon as possible as well as taking action on the business priorities announced last week.