American Realty Abandons $9.7B Cole Credit Takeover Bid

Law360, New York (April 11, 2013, 3:14 PM EDT) -- American Realty Capital Properties Inc. on Thursday dropped its bid to swallow up Cole Credit Property Trust III in a $9.7 billion deal after the firm rebuffed the proposal in favor of completing an acquisition of its own targeting its investment manager.

Phoenix-based Cole had repeatedly rejected American Credit's cash-and-stock takeover proposition, even after the firm replaced an initial $9 billion bid with a heftier offer. Both proposals also included about $3.2 billion in assumed debt, but Cole had maintained even the higher offer undervalued the company...
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