Cole Real Estate Investments' (COLE) stock is trading on the NYSE. Early this morning Cole announced a $250 million Dutch Auction tender offer, where it will purchase properly tendered shares at prices "not greater than $13.00 nor less than $12.25 per share." The tender offer expires August 8, 2013. The $250 million tender offer represents approximately 5% of the equity raised in Cole Credit Property Trust III. Following the completion of the tender offer, COLE has made available additional $250 million to repurchase shares on the open market.
In a June 5, 2013, filing, COLE stated that it expected to have $500 million available to fund a tender offer and a secondary market purchase program to support liquidity in the period following listing. So, the $500 million is being split between the tender offer and the share repurchase program.
This morning COLE announced that Christopher Cole agreed to waive a $7.5 million equity award.
COLE, in initial trading, is pricing above the $10 per share paid by investors, but less than the tender offer prices.