Offering little explanation, Agree released a statement late Tuesday stating: "The board has concluded that continuing to implement the company's business plan will provide the best long-term value to its stockholders and has informed Compson that the company is not for sale."

Principals of Compson Holding Corp. own approximately 3.1% of the outstanding shares of Agree Realty Corp. In a letter dated May 10, Compson president Michael Comparato said for more than three months his company had been performing legal and due diligence leading to the initial offer of $34.50 per share, then $36 per share, which were refused. Calling it the company's "best and final offer," Comparato's company most recently proposed $38.75 per share, or $396 million, to buy out Agree.

Comparato said the offers were made to maximize shareholder value. "Due to the relatively low trading volume of the stock, our offer presents an extraordinary opportunity for large shareholders of ADC to monetize their shares without materially impacting the stock price, as would happen if they attempted to sell their shares on the open market," he wrote in the May 10 letter.