A privately held Florida real estate firm increased its unsolicited bid for
, 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.
"We were disappointed to learn at ADC's annual meeting that you had no suggestions for maximixing shareholder value in response to our May 2, 2006, letter to ADC's Board," Compson said in its letter to Agree's board Wednesday.
Agree Realty is a small-cap real estate investment trust that owns a national portfolio of mostly single-tenant retail sites leased to chains such as Borders, Walgreen's and Kmart. The company did not return a call seeking comment.
Agree shares recently traded up $3.58 to $35.75.