logo
Share SHARE
FONT-SIZE Plus   Neg

Cole Credit Property Confirms Receipt Of Second Proposal From American Realty

Cole Credit Property Trust III, Inc. or "CCPT III" confirmed receipt of a second revised unsolicited proposal on April 2, 2013 from American Realty Capital Properties, Inc. (ARCP: Quote), to acquire 100% of the outstanding common stock of CCPT III.

The Special Committee of CCPT III's Board of Directors is reviewing ARCP's revised proposal submitted on March 27, 2013. As part of this review, the Special Committee will now also consider the second revised proposal and pursue the course of action that it believes is in the best interests of CCPT III and its stockholders. The Special Committee reiterated that it remains committed to its previously announced course of action to acquire Cole Holdings Corporation.

The Special Committee is disappointed that it must once again set the record straight with respect to ARCP's assertion that ARCP was unable to engage or communicate with CCPT III's Special Committee and its advisors.

On April 2, 2013, American Realty Capital Properties had said that it sent another letter to the Cole Credit Property Trust III, Inc. board of directors which could increase the cash portion of its acquisition offer up to 60%, calling on the board to act now on American Realty Capital's offer to acquire 100% of the outstanding common stock of Cole Credit Property for either a minimum of at least $13.59 per share in stock, or $12.50 per share in cash.

At maximum cash consideration, the deal would result in American Realty Capital stockholders owning 60% of the combined company.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Chipotle Mexican Grill Inc. (CMG) on Monday reported a surge in profit for the first quarter, as revenues climbed 20 percent on new restaurant openings and strong same-restaurant sales. Earnings for the quarter trounced Wall Street expectations, but revenues fell short of estimates, hurt largely... Yahoo reported a plunge in profit, hurt by lower prices for display ads as well as one-time charges. Its results fell short of Street estimates, denoting the challenges CEO Marissa Mayer faces in implementing her turnaround plans at the Internet company. Amgen Inc. (AMGN) on Tuesday reported a surge in profit for the first quarter, as revenues grew 11 percent on better pricing and strong demand with research costs falling. Both earnings and revenues for the quarter trumped analysts' estimates. Moving ahead, the drug maker raised its outlook for the full...
comments powered by Disqus
RELATED NEWS
Trade ARCP now with 
Follow RTT