BALA CYNWYD, Pa., April 3, 2013 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Cole Credit Property Trust III ("CCPT III" or the "Company") relating to the proposed offer to acquire the Company made by American Realty Capital Properties, Inc. ("American Realty") (Nasdaq: ARCP).
It has been reported that American Realty sent a letter to CCPT III Board of Directors which could increase the cash portion of its acquisition offer up to 60%, calling on the Board to act now on American Realty's offer to acquire 100 percent of the outstanding common stock of CCPT III for either a minimum of at least $13.59 per share in stock, or $12.50 per share in cash. The proposed transaction would create the largest and highest quality publicly traded REIT in the net lease sector.
On March 6, 2013 CCPT III had announced that it had executed a definitive merger agreement, pursuant to which CCPT III will acquire Cole Holdings Corporation. Upon completion of the transaction CCPT III will change its name to Cole Real Estate Investments, Inc. and pursue a listing on the New York Stock Exchange. As consideration for the acquisition CCPT will make upfront payments of $20 million in cash, subject to adjustment, and 10,711,225 shares of CCPT III common stock, plus additional contingent compensation.
If you own shares of CCPT III stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at firstname.lastname@example.org visiting http://brodsky-smith.com/560--cole-credit-property-trust-iii.html, by calling toll free 877-LEGAL-90.