If you haven't already, it's worth reading the two most recent correspondences between American Realty Capital Properties (ARCP) and Cole Credit Property Trust III (CCPT III). Note the tone in both letters:
ARCP Letter to CCPT III's Special Committee
CCPT III Response Press Release
ARCP, in its letter, revised last week's revised proposal, and is now offering cash of $12.50 per share for up to 60% of CCPT III's outstanding shares.