Keith Meister’s Hedge Fund Firm Takes 7.1% Stake in American Realty Capital
Corvex Management LP, a hedge fund firm owned by Keith Meister, is pleased to announce that it has accumulated a 7.1 percent stake in beleaguered real-estate investment trust American Realty Capital Properties Inc.
Activist
investor Keith Meister, who won a high profile takeover battle in the
property industry earlier this year, has set his sights on a new target:
beleaguered real-estate investment trust American Realty Capital
Properties Inc.
Mr.
Meister’s hedge fund firm, Corvex Management LP, disclosed late Monday
that it had accumulated 64.7 million shares, or a 7.1% stake, in
real-estate investment trust American Realty Capital Properties Inc.,
which owns thousands of properties.
Corvex
said in a filing that it was in discussions with American Realty
Capital Properties’ board, and that it would seek to have its own
representatives as a director. Mr. Meister and Corvex declined to
comment through a spokesman.
In
a statement released late Monday, ARCP’s board of directors said it “is
pleased that Corvex shares its belief that ARCP is an attractive
investment,” and confirmed that the company is in dialogue with Corvex.
Source: Wall Street Journal