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.
4 comments:
And the stock is also trading well below what ARC offered a couple of months ago. How is this better for the shareholders again???
The market is tanking. What do you expect?
The cash offer from ARCP didn't cover all Cole shareholders. At least some would still be caught holding the ARCP bag which is well off it's highs.
ARCP is well off its high, yet still 10% above the offer of its stock....
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