American Realty Capital Properties has offered $5.7 billion for a Phoenix-based Cole Credit Property Trust III. This bid places a value on the REIT’s share price of at least $12. If thistransaction is successful, Cole’s value could surge in value to more than $9 billion.
American Realty’s CEO, Nicholas Schorsch,further added that his bid is better for the REIT than Cole’s own acquisition strategyas it offers a premium of 20% over the existing share price for a dividend increase of 15%.