PHOENIX- Cole Credit Property Trust III Inc. issued a release this morning, confirming receipt of a revised unsolicited proposal from American Realty Capital Properties Inc. to acquire 100% of the outstanding common stock of CCPT III, following CCPT III's acquisition of Cole Holdings Corp.
According to the release, CCPT III's board of directors' special committee will "carefully review the revised proposal in consultation with its advisors, and pursue the course of action that it believes is in the best interests of CCPT III and its stockholders." Along with that, CCPT III reiterated that it is still moving forward on its plan to acquire Cole Holdings.
CCPT III also noted in the release that the special committee's advisors had been contacted by ARCP and agreed to a meeting and that prior to meeting, ARCP elected to make its revised proposal public. This is contrary to ARCP's assertion that it reached out to CCPT III and its advisors over the past few days to "no avail."
A spokesperson with CCPT III tells GlobeSt.com, via email, that CCPT III has no plans to comment at this time beyond the above statement. GlobeSt.com will post updates as they become available.
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