Actionable Opportunities in Special Situations: Spinoffs, Bankruptcy, Restructurings

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Activist Corvex Management dials up pressure on $ARCP

Activist investment firm Corvex Management is turning up pressure on American Realty Capital Properties (ARCP), calling for the ouster of the board after accounting issues that led to the departure of senior management last year. Corvex has accumulated a 7.7% stake in ARCP, and has been rejected in efforts to have shareholder representation on the board, the investor said in a letter to the company that was included in a statement issued Monday. Corvex also included a letter addressed to prospective candidates for CEO or chairman of the REIT. Source

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