Agree Realty says 'no' to Compson Holding's $27.50-per-share offer

By Lisa Kerner

Charlotte, N.C., Oct. 21 - Agree Realty Corp. said its board of directors unanimously rejected an unsolicited acquisition proposal from Compson Holding Corp.

The board determined the offer was not in the best interests of its stockholders and would not be further pursued.

Instead, Agree Realty will continue to implement its long-term business plan to maximize shareholder value, a company news release said.

On Oct. 13, Compson Holding offered to buy Agree Realty, either directly or indirectly, for approximately $27.50 per share in an all-cash transaction valued at $328.67 million.

It was previously reported that Agree Realty turned down a $38.75-per-share offer from Compson two years ago.

Agree Realty is a real estate investment trust located in Farmington Hills, Mich.

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