American Realty Capital Properties Inc. (ARCP) announced it has withdrawn proposal to acquire Cole Credit Property Trust III Inc., or CCPT III. The company said it has repeatedly invited CCPT III to meet and constructively discuss the offer, but CCPT publicly rejected it out of hand.
ARCP's Chairman and CEO, Nicholas Schorsch, said CCPT III's actions make it clear that its directors and management are completely unwilling to explore a transaction with the company. The economic, legal, reputational and other risks inherent in the internalization transaction, and the CCPT III Board's unwillingness, forces ARCP to withdraw the offer, said Nicholas Schorsch.
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