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.
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by RTT Staff Writer
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