ARCP

ARCP gör ett stort köp och i stort sett dubblar marknadsvärdet. FFO höjs genom förvärvet och utdelningen höjs till1 usd. Jag har tidigare sneglat lite på aktien och det här gör den inte mindre intressant. Frågan är bara hur kursen påverkas? Har inte helt klart för mig hur köpet finansieras heller.

• American Realty Capital Properties (ARCP) agrees to buy Cole Real Estate investments (COLE) in a deal valued at $11.2B. The board's of each company have approved the deal and ARCP has already secured $2.75B in financing. Combined, the companies will have an enterprise value of $21.5B.
• Cole, of course, recently came public after fending off a takeover bid from ARCP when it was a non-traded REIT.
• Cole owners will have the option of receiving 1.0929 shares of ARCP stock for each share they own, or $13.82 per share in cash. The stock offer is valued at $14.59 per share based on last night's ARCP close of $13.35. Cole last night closed at $12.82, so the offer is a 13.8% premium. The transaction is expected to close in 2014 Q1.
• ARCP 2014 FFO per share guidance is hiked to $1.13-$1.19 in lieu of the merger. Also among post-merger benefits: The annual dividend will be $1.00 (vs. $0.96 now), $70M of expense synergies, increased institutional coverage and possible inclusion in the S&P 500.
• COLE +2% to $13.08 premarket.