CCPT III to ARCP: Still Considering

PHOENIX-In the continuing back-and-forth between Cole Credit Property Trust III Inc. and American Realty Capital Partners Inc. which wants to acquire it, CCPT III confirmed on April 3 that it received a second, revised acquisition proposal from ARCP in a little more than a week. As explained in a recent story on GlobeSt.com, ARCP's revised proposal offers to increase the cash portion of its offer to buy CCPT III to 60%, while asking the matter be submitted to a vote by CCPT III's shareholders.

CCPT III acknowledged that its special committee would consider the latest proposal as well as a recent one submitted on March 27, though reiterated it was committed to the already announced merger with Cole Holdings Corp . But the special committee showed its displeasure with ARCP's claims that the latter did not engage or communicate with the former. A CCPT III press release pointed out that

• CCPT III's special committee chairman, as a representative of that committee had a lengthy conference call with ARCP's chairman on March 29, 2013.
• The special committee's financial advisors spoke with ARCP's advisors at length following that call, and again with ARCP and its advisors on March 31.
• The financial advisors also spokes with ARCP's advisors three times on April 1, in addition to a number of prior conversations and communications.
• The special committee's legal counsel had discussions with ARCP's council concerning the March 27 proposal.

GlobeSt.com continues to follow developments in this story, and will post updates as they become available.