In the news release, American Realty Capital Properties Responds to Statement Issued by Cole Credit Property Trust III, issued March 21, 2013 by American Realty Capital Properties, Inc. over PR Newswire, we are advised by the company that the first paragraph, fourth sentence, should read "It is insufficient for CCPT III merely to assert that its previously announced insider transaction is superior to ARCP's proposal without providing stockholders and the broker community a single reason why that may be the case," rather than "...superior to ARCP's without," missing the word "proposal" as originally issued inadvertently. The complete, corrected release follows:
American Realty Capital Properties Responds to Statement Issued by Cole Credit Property Trust III
ARCP Surprised and Disappointed that CCPT III Would Reaffirm its Support for an Inferior Cole Holdings Internalization Without Exploring ARCP's Superior Offer or Giving its Stockholders a Voice or a Choice
NEW YORK, March 21, 2013 /PRNewswire/ -- American Realty Capital Properties, Inc. ("ARCP" or the "Company") (NASDAQ: ARCP) announced today that it was not only surprised, but disappointed, by today's utterly unresponsive statement by Cole Credit Property Trust III, Inc. ("CCPT III") to ARCP's offer to acquire all of the outstanding shares of CCPT III's common stock. ARCP finds it remarkable that CCPT III and its board of directors have rejected the Company's proposal, which offers CCPT III's stockholders superior value and certainty as compared to the proposed acquisition and internalization of Cole Holdings, without seeking to contact ARCP or better understand its offer in any way. In its apparent rush to close its inferior and affiliated internalization transaction, CCPT III continues to deprive its stockholders a voice or a choice. It is insufficient for CCPT III merely to assert that its previously announced insider transaction is superior to ARCP's proposal without providing stockholders and the broker community a single reason why that may be the case. Yesterday's outsized trading volume in ARCP (14.5 million shares traded) and 5.24% increase in the stock price, should be proof enough that the public markets support ARCP's proposed transaction and disagree with the unilateral decision made by CCPT III's board of directors.
ARCP is deeply disappointed that CCPT III would neglect to explore ARCP's highly attractive offer fully and continue to press forward with its highly controversial and, the Company believes, conflicted internalization transaction—one that offers CCPT III's stockholders uncertain value, uncertain liquidity, and an uncertain future, all while refusing to allow them a vote. ARCP also believes that, should the internalization be consummated, there exists significant potential for a diminution of value for CCPT III's stockholders, which may result in the reduction of ARCP's proposed valuation of CCPT III.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV