American Realty Withdraws $6.7 Billion Bid for Cole Credit
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American Realty Capital Properties Inc. withdrew its $6.7 billion buyout offer for Cole Credit Property Trust III after the company rejected the proposal and instead completed a deal to purchase its sponsor.
Cole Credit, a Phoenix-based nontraded real estate investment trust, declined repeated requests to discuss the offer, making it “clear that its directors and management are completely unwilling to explore a transaction with us,” Nicholas Schorsch, chief executive officer of New York-based American Realty, said today in a statement.