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), 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

Quick Facts

Editors Pick
French car maker Renault SA reported Friday higher profit in its fiscal 2015, with strong growth in automotive profit and revenues. The company announced higher dividend. Looking ahead, for fiscal 2016, Renault expects to increase group revenues at constant exchange rates and improve group operating margin. Shares of Rolls-Royce Holdings Plc were gaining around 13 percent in the morning trading in London after the engine maker reported more-than doubled profit in its fiscal year 2015, with lower one-time items. Underlying earnings were hurt by weakness in Marine markets. Further, the company halved its dividends, and still expects lower revenues next year. German steel giant ThyssenKrupp AG reported a loss in its first quarter, compared to last year's profit as sales and orders were hurt by sharp deterioration in materials businesses. The company said its overall performance in the first quarter was within its full-year forecast corridor. Looking ahead, the company continues to expect higher net income and flat sales for fiscal 2016.
comments powered by Disqus
Follow RTT