Cole Credit to review new bid from American Realty
Cole Credit says it will review American Realty's $6.7 billion takeover offer
PHOENIX (AP) -- Cole Credit Property Trust III Inc. said Thursday that it will review a $6.7 billion takeover offer from competing real estate investment fund American Realty Capital Properties Inc.
American Realty on Wednesday offered $12.50 per share in cash or 0.80 a share of its common stock for each share of Cole Credit. The company puts the total value of the deal at $9.7 billion, including debt. It follows an offer earlier this month from American of $12 per share.
American said the deal would create the largest publicly traded real estate investment trust in the net lease sector.
Cole Credit said it remains committed to its plans to acquire external adviser Cole Holdings Corp. American said it updated its bid to reflect those plans and recent property value data.
Cole Credit, based in Phoenix, said it will meet with American to discuss the offer.
Shares of American Realty rose 16 cents to $14.70 in afternoon trading. The stock has traded in a 52-week range of $9.77 to $14.92.