We are investigating whether the directors of STORE Capital Corporation (NYSE: STOR) (“STOR”) acted in the best interests of STOR shareholders in approving the sale of STOR to GIC and Oak Street (a division of Blue Owl) for $32.25 per share in cash.
If you remain a STOR shareholder and have questions about your legal rights, you may contact our firm using the form at the bottom of this page to discuss your options at no charge.
Why is there an investigation?
On September 15, 2022, STOR announced that it had agreed to be acquired by GIC and Oak Street for $32.25 per share in cash. The agreement has been approved by the STOR board of directors (“Board”).
Our investigation concerns whether STOR’s Board acted in the best interests of STOR shareholders in approving the sale, including whether the acquisition price adequately compensates STOR shareholders, and whether all material information regarding the transaction has been fully disclosed.
Notably, according to an analysis of Wall Street price targets for STOR in the last 90 days published on Seeking Alpha, there is a high price target for STOR of $37.00 per share, which is above the deal price.
Moreover, in an article dated August 11, 2022, Brad Thomas, a leading REIT analyst on SeekingAlpha, has noted that STOR has historically traded at a multiple of 16.9x its Adjusted Funds From Operations (AFFO) (a commonly used REIT valuation metric). Thomas cites estimates that STOR’s AFFO in 2022 will be $2.22 per share, which indicates a fair value for STOR of $37.52 per share, which is above the deal price.