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Agree Realty Leaves Investors in the Cold

Stock quotes in this article: ADC , SPG  

Shareholders of Agree Realty (ADC Quote) have been left with no explanation why the company snubbed a buyout bid that offered a sharp premium to its current trading price.

On Tuesday, Agree rejected an unsolicited $38.75-a-share cash offer from Compson Holding, a private Florida real estate developer that owns about 3.1% of the company's stock.

Shareholders are now looking at their $33 stock and wondering when they'll get that 17% pop that the Compson bid immediately offers. (Investors can be partly consoled by the REIT's $1.96 annual dividend.) ...

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