Cole Credit Property Trust III had recently rejected a third revised offer from American Realty Capital Properties Inc. The new offer made by American for the diversified real estate investment trust firm was at US$6.7 billion.

The reason for the offer being declined, according to Cole, was that the company was being 'undervalued'. This comes after a previous revised offer of a per share purchase of US$12.50 cash or per share purchase of US$13.59 in stock. The original offer was at US$12 per share in either cash or in stock.

The revised offer was increased by up to 60% by American. The increase of the cash portion though meant that Cole would be US$3.8 billion in debt resulting from what Cole Credit calls as 'a highly levered company with an unstable capital structure."

With the rejection of the latest offer, Cole Credit would be moving forward with its acquisition of its external adviser Cole Credit Holdings Inc and list the merged companies with the New York Stock Exchange.