Something Had To Give

In a move that should have shocked no one, American Realty Capital Properties (ARCP) and American Realty Capital Trust IV (ARCT IV) changed the terms of their merger agreement this morning.  I have not been through the all changes to the terms of the agreement, but I suspect the new terms take some pressure off ARCP's stock, caused in large part by ARCP's original share price guarantee to ARCT IV investors.  I'll get a summary up in the next day.