Compson Holding proposes buying Agree Realty for more than $328 million

By Lisa Kerner

Charlotte, N.C., Oct. 13 - Agree Realty Corp. shareholder Compson Holding Corp. said the company's board of directors should "immediately and clearly identify a specific roadmap for maximizing shareholder value."

In an Oct. 12 letter to Richard Agree, chairman of Agree Realty, Compson suggested the company reconsider a sale, either directly or indirectly, to Compson in an all-cash transaction valued at $328.67 million, or approximately $27.50 per share.

According to Compson president Michael Comparato, Agree Realty rejected a $38.75-per-share cash offer from Compson two years ago. Agree Realty's stock closed at $21.95 on Oct. 10, Compson said.

The proposal is not subject to any financing contingency, Compson said.

Compson requested a written response from Agree Realty's board no later than Oct. 15.

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

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