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Stock Market & Financial Investment News

News Breaks
May 20, 2014
06:39 EDTARCPAmerican Realty acquires Cole Credit Property Trust
American Realty Capital Properties announced that it completed its acquisition of Cole Credit Property Trust, or CCPT, the first non-traded REIT offered by Cole Capital, the private capital management business of ARCP. CCPT offered shares in a private offering that commenced in 2004, and CCPT remained in operation until the closing of the acquisition. The company's acquisition follows the successful completion of ARCP's tender offer for all of the outstanding shares of CCPT common stock for $7.25 per share, net to the seller in cash, without interest and less any applicable withholding taxes. When combined with the $5.57 per share average aggregate distributions received by CCPT stockholders through May 16, the $7.25 per share tender price equates to a total return of $12.82 per share, or an approximate premium of 28.2%. Pursuant to the Merger Agreement and in connection with the closing of the acquisition of CCPT, ARCP will pay $7.25, less any applicable withholding taxes, in respect of each outstanding share of CCPT, regardless of whether the holder of such shares tendered their shares in the Offer. Such consideration will total approximately $73.1M, exclusive of transaction and closing costs. Additionally, in connection with the closing of the acquisition, all holders of CCPT shares will receive unpaid distributions in the amount of 6c per share in respect of the period from April 1 through May 16.
News For ARCP From The Last 14 Days
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October 1, 2014
06:34 EDTARCPRCS Capital sees Cole Capital acquisition adding 51c per share to FY15 income
RCS Capital (RCAP) announced that it has entered into a definitive agreement to acquire Cole Capital Partners and Cole Capital Advisors from American Realty Capital Properties (ARCP) for $700M plus contingent consideration. Cole Capital is the private capital management business of ARCP, which includes a broker-dealer, wholesale distribution, and a non-traded real estate investment trust, or REIT, sponsor and advisory businesses. RCAP estimates that the transaction will contribute 51c per share to 2015 adjusted net income, excluding synergies, assuming the $200M of stock compensation is paid in cash versus stock, depending on the amount of additional consideration paid in 2016. The transaction will close in two steps, with certain advisory and other agreements being entered into promptly upon clearance of the federal anti-trust waiting period, and the second closing, upon which the stock and assets of Cole Capital will be acquired, upon clearance of FINRA's change of ownership waiting period. RCAP will pay a portion of the base purchase price at the second closing and the balance in April 2015. The transaction is expected to close in Q4.
06:27 EDTARCPAmerican Realty sees FY15 AFFO $1.11-$1.14, consensus $1.15
FY15 AFFO per share guidance is based on a range of balance sheet acquisitions between $2.5B-$3.5B as well as $4B-$5B of acquisitions on behalf of the Managed Funds and ARC Global II in 2015.
06:26 EDTARCPAmerican Realty revises FY14 AFFO view to $1.06-$1.08, consensus $1.10
In light of its pending sale of Cole Capital to RCAP during Q4, ARCP has reviewed and revised its FY14 AFFO guidance to a range of $1.06-$1.08 per share.
06:24 EDTARCPAmerican Realty to sell Cole Capital to RCS Capital for $700M
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September 30, 2014
17:04 EDTARCPAmerican Realty appoints David Kay as CEO
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