- Consideration: (i) $12.00 per share in cash or (ii) 0.80 shares of ARCP common stock for each share of CCPT III common stock, with a guarantee that the value of the stock consideration will not be less than $12.00 per share. This offer represents at least a 20% premium to the original CCPT III offer price of $10.00 per share.
- Dividend Increase: An increase of ARCP's dividend to 93 cents per share upon closing, meaning all CCPT III stockholders who elect stock consideration will receive an equivalent dividend of 74.4 cents per share ( 93 cents x 0.80), a 15% increase ( 9.4 cents per share) over CCPT III's current 65 cents per share dividend.
- Integration and Operating Synergies: ARCP currently estimates that general and administrative (G&A) savings will be not less than $30 million annually. The majority of CCPT III's real estate assets are net lease properties similar to ARCP's existing portfolio, resulting in seamless integration and minimal additional resources or ongoing expense requirements.
American Realty Capital Properties Offers To Purchase Cole Credit Property Trust III For $9 Billion, Creating The Largest, Highest Quality Publicly Traded Net Lease REIT
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