NEW YORK (AP) ? American Realty Capital Properties Inc. is offering to buy another real estate investment trust, Cole Credit Property Trust III, in a cash-and-stock deal valued at $5.74 billion.
If the deal goes through, American Realty said Wednesday that it would create the biggest publicly traded REIT in the net lease sector. American Realty invests mostly in retail and office properties.
American Realty said that it will pay at least $12 per share for Cole Credit's stock. Cole Credit has 478 million outstanding shares. Cole Credit stockholders could choose cash or 0.80 shares of American Realty for each share they own.
American Realty put the total value of the transaction at more than $9 billion, including debt.
The company said that it would need to reconsider its bid, and possibly lower its proposed offer, if Cole Credit goes through with plans to buy external adviser Cole Holdings Corp.
Associated Pressseahawks new uniforms 2012 tornadoes in dallas anchorman 2 kentucky basketball oaksterdam the fray national anthem dallas tornado
No comments:
Post a Comment