American Realty Capital Properties Inc. offered to buy Cole Credit Property Trust III Inc. for at least $5.7 billion, seeking to create one of the largest real estate investment trusts that leases space to single tenants.

American Realty bid $12 in cash or 0.80 of its common stock for each Cole Credit share, according to a statement today. The offer is valued at more than $9 billion including assumed debt, American Realty said.

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