I'm traveling and can't properly comment on the latest goings on between Cole Credit Property Trust III (CCPT III) and American Realty Capital Properties (ARCP) until later in the weekend. In short, ARCP has offered to buy CCPT III for $12.00 per share or .80 of ARCP stock for each share of CCPT III. Yesterday, CCPT III's board rejected the offer and affirmed is decision to go ahead with its plan to buy its sponsor as originally intended.
On the surface it seems to me that CCPT III needs more explanation as to why it's rejecting ARCP's $12.00 per share offer. ARCP's bid eliminates the $150 million internalization fee to Cole, which likely explains the real basis for CCPT III's decision.
I'll post longer over the weekend.
Note that in an earlier post I didn't know whether the Cole transaction included eliminating the annual asset management fee. It does and Cole will no longer receive an asset management fee. The ARCP transaction also eliminates the annual asset management fee.