Diversified real estate investment trust American Realty Capital Properties Inc raised its bid for Cole Credit Property Trust III, a week after its original offer was rejected.American Realty increased its offer to $12.50 per share in cash or $13.59 per share in stock from $12 per share in either cash or stock.Based on the $13.59 per share valuation, the revised deal would value Cole Credit at about $6.7 billion, up from the original $5.7 billion, American Realty said.Cole Credit had rejected the earlier offer, saying it would go ahead with its planned acquisition of its external adviser Cole Credit Holdings Inc.
American Realty Capital Properties, Inc. is a real estate investment trust (REIT). Shares of ARCP traded higher by 0.63% or $0.09/share to $14.40. In the past year, the shares have traded as low as $9.77 and as high as $14.92. On average, 2234770 shares of ARCP exchange hands on a given day and today's volume is recorded at 561804.
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