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
March 21, 2013
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.