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Agree Realty Buyout Bid Boosted
A privately held Florida real estate firm increased its unsolicited bid for Agree Realty (ADC Quote), sending the REIT's stock up over 11% Thursday.
Compson Holding Corp. sent a letter to Agree's board Wednesday offering to buy the company for $38.75 a share. The principals of Compson own 3.1% of Agree's stock and have complained about getting no feedback on its bids from Agree's management or its board.
Compson originally offered $34.50 for Agree, before boosting the bid to $36 and now to its "best and final offer" of $38.75. Agree has yet to acknowledge even receiving the offer. ...
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