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April 3, 2013 /PRNewswire/ -- Cole Credit Property Trust III, Inc. ("CCPT III") confirmed receipt of a second revised unsolicited proposal on
April 2, 2013 (the "second revised proposal") from American Realty Capital Properties, Inc. (NASDAQ: ARCP), to acquire 100% of the outstanding common stock of CCPT III.
As previously announced, the Special Committee of CCPT III's Board of Directors, consistent with its fiduciary duties and in consultation with its advisors, is reviewing ARCP's revised proposal submitted on
March 27, 2013. As part of this review, the Special Committee will now also consider the second revised proposal and pursue the course of action that it believes is in the best interests of CCPT III and its stockholders. The Special Committee reiterated that it remains committed to its previously announced course of action to acquire Cole Holdings Corporation.
The Special Committee is disappointed that it must once again set the record straight with respect to ARCP's assertion that ARCP was unable to engage or communicate with CCPT III's Special Committee and its advisors. CCPT III noted that the Chairman of its Special Committee, as a representative of the Special Committee, personally held a lengthy conference call with ARCP's Chairman on
Friday, March 29, 2013. The Special Committee's financial advisors spoke with ARCP's advisors at length following that call, and again with ARCP and its advisors on
March 31, 2013, and with ARCP's advisors three times on
Monday, April 1, 2013, in addition to a number of prior conversations and communications. The Special Committee's legal counsel also had a discussion with ARCP's counsel about the
March 27 proposal.
Goldman, Sachs & Co. and Lazard serve as financial advisors, and Wachtell, Lipton, Rosen & Katz and Venable LLP serve as legal advisors to the Special Committee of the Board of Directors of CCPT III. Morris, Manning & Martin, LLP serves as legal advisor to CCPT III.