News Summary: American Realty makes Cole bid
American Realty Capital offers to buy Cole Credit in cash-and-stock deal worth $5.74 billion
NEW YORK (AP) -- THE OFFER: American Realty Capital Properties Inc. is making a $5.74 billion cash-and-stock bid for Cole Credit Property Trust III. American Realty puts the total value of the transaction at $9 billion, including debt.
BID DETAILS: American Realty said that it will currently pay at least $12 per share for Cole Credit's stock. Cole Credit stockholders could choose cash or 0.80 shares of American Realty for each share they own.
OTHER DEAL: American Realty believes its bid is a better deal than Cole Credit's plan to buy Cold Holdings Corp. American Realty said it is "prepared to consider all alternatives to complete this transaction."
