Dane Bowler
Value, hedge fund analyst, REITs, long/short equity

American Realty Capital Properties Gets Too Ambitious

On March 20th I wrote an article in which I analyzed the proposed acquisition of Cole Credit Properties Trust III (henceforth referred to as CCPT3) by American Realty Capital Properties (ARCP). Since that deal was rejected, ARCP released an updated proposal today (3/27/13). Those of you who read my analysis on the first proposal know that I was in favor of the acquisition, which appeared to be mildly accretive on a per share basis as well as providing the benefits of scale. I stand by that conclusion on the first proposal, but this one is a different story. I believe the new proposition that went public this morning to be detrimental to ARCP shareholders. The rest of this article will...

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