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March 21 (Reuters) - Cole Credit Property Trust III Inc rejected American Realty Capital Properties Inc's $5.7 billion offer to buy the company and said it would go ahead with its acquisition of its external adviser, Cole Holdings Corp.
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.
Cole Credit Property Trust III owns 926 properties with a combined area of nearly 40 million square feet in 47 U.S. states and counts Walgreen Co and CVS Caremark Corp among its tenants.
Shares of American Realty were down 2 percent at $14.37 in morning trading on the Nasdaq on Thursday.