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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.