Diversified real estate investment trust American Realty Capital Properties Inc. has increased its bid for Cole Credit Property Trust III following the rejection of its first bid at $12 per share in either cash or stock last week.

American Realty raised its offer to $13.59 per share in stock or $12.50 per share.

The revised deal, basing on the $13.59 per share valuation, would have Cole Credit valued at about $6.7 billion, an increase from the original $5.7 billion, American Realty said.

Cole Credit declined to accept the first offer as it plans to proceed with its proposed acquisition of Cole Credit Holdings Inc., its external advisor.

American Realty had earlier opposed the acquisition of the external adviser.