Cole Credit Property Trust III Inc rejected American Realty Capital Properties Inc's (ARCP) $5.7 billion offer to buy the company and said it would go ahead with its acquisition of its external adviser, Cole Holdings Corp.
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Cole Credit said it reviewed American Realty's offer and the proposed sale at this time would not be in the best interests of its stockholders.
American Realty had offered to buy Cole Credit for at least $12 in cash, or 0.80 share of its own stock for each Cole Credit share.
Shares of American Realty were down 2% at $14.37 in morning trading on the Nasdaq on Thursday.