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Captec To Stockholders: Vote For Merger

ANN ARBOR, MI-The REIT wants the return of white proxy cards to approve a merger with Commercial Net Lease Realty, saying claims against the merger are only a selfish attempt by a New York stockholder.

By Robert Carr | Updated on November 13, 2001

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.

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