Cole III spurns revised ARCP offer, seals Cole Holdings deal

Cole Credit Property Trust III has completed a purchase of Cole Holdings, after a special committee created by the board of directors rejected a revised, unsolicited buyout offer from American Realty Capital Properties. The committee says American Realty Capital's proposal is "not in the best interests of CCPT III and its stockholders." The combined entity, Cole Real Estate Investments, is expected to list on the New York Stock Exchange in June.

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