March 21 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
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
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.