Cole Spurns $5.7B American Realty Bid For Adviser Tie-Up

Law360, New York (March 21, 2013, 4:25 PM EDT) -- Cole Credit Property Trust III Inc. on Thursday spurned a $5.7 billion cash-and-stock buyout offer from New York-based American Realty Capital Properties Inc., saying it would instead forge ahead with a separate plan to take over its external adviser, Cole Holdings Corp.

A special committee formed by Cole Credit to review American Realty's unsolicited bid, made public on Tuesday, said the offer “would not be in the best interest of Cole Credit and its stockholders.” The Phoenix company insisted its plans to merge with Cole Holdings...
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