American Realty Raises Cole Bid To $9.7B After Stiff-Arm

Law360, New York (March 27, 2013, 3:51 PM EDT) -- American Realty Capital Properties Inc. on Wednesday raised its bid price for Cole Credit Property Trust III Inc. by 13 percent and agreed to acquire both Cole and its external adviser, putting a $9.7 billion offer in front of the REIT's reluctant board.

American Realty has been chasing the much-larger Cole III for more than two months. Last week, it took its behind-the-scenes overture public and was rebuffed by Cole, which said its own plan, already under way, to merge with Cole Holdings, its external adviser...
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