Agree Rejects $396M Buyout Offer

FARMINGTON HILLS, MI-Agree Realty Corp., owner and developer of single-tenant properties and neighborhood community shopping centers, has rejected a $396-million buyout offer from Compson Holding Corp.

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.