Compson Ups Offer for Agree to $395M

BOCA RATON, FL-Locally based Compson Holding Corp. has increased its offer to $395 million to acquire Farmington Hills, MI-based retail REIT Agree Realty Corp. or its 59-property retail portfolio. The offer, which was outlined in a letter sent to Agree’s board of directors on Thursday, represents a price of approximately $38.75 per share.

In offers sent to the board on April 3 and 20, Compson offered $34.50 and $36 per share for the company. Both offers were rejected, saying a sale “was not in the best interest of our stockholders.” Compson holds approximately 3.1% of Agree’s outstanding shares and wants to acquire the company or its assets because it believes Agree’s share price “does not reflect the underlying value of its properties and that the board is not maximizing shareholder value.”

Michael Comparato, president of Compson Holding Corp., tells GlobeSt.com that the $38.75-per-share offer is the best and final offer from the Compson. “We’re pretty much done at this point. This has been a six-week process and [Agree] has been extremely difficult to work with.”