American Realty's Cole Bid Puts Internal Mergers In Spotlight

Law360, New York (April 2, 2013, 9:24 PM EDT) -- In its hostile pursuit of Cole Credit Property Trust III Inc., American Realty Capital Properties Inc. is trying to persuade Cole shareholders that the company's plan to merge with its own external adviser is bad business. One possible hiccup: American Realty did the same thing last year.

The chase — which escalated Tuesday when American Realty upped the cash portion of its $9.7 billion offer — could put these internal mergers under the microscope, just as a flood of nontraded real estate investment trusts are set...
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