CCPT III to ARCP: No Thanks

PHOENIX- (Updated content at the end) Less than 48 hours after receiving an unsolicited purchase offer from American Realty Capital Properties Inc., Cole Credit Property Trust III Inc.’s board of directors flatly rejected the proposed $9 billion bid. According to a release from the board’s special committee, “the proposed sale of CCPT III to ARCP at this time would not be in the best interests of CCPT III and its stockholders.”

According to yesterday’s GlobeSt.com report, Nicholas Schorsch, chairman and CEO with the New York City-based ARCP, wrote to CCPT III’s board, offering to pay $9 billion for the local, nontraded REIT.  In that letter, Schorsch pointed out that the buy would lead to “the largest, highest quality, publicly traded REIT in the net lease sector.”