Glass Lewis reasons that ALOG’s volume weighted average price (VWAP) was much higher for ALOG than what was used in the ratio. The Scheme terms were not compelling for ALOG unitholders and most of the benefits of the merger would accrue to ESR-REIT, Glass Lewis had indicated.
On Jan 14 and 15, proxy adviser Glass, Lewis & Co and Institutional Shareholder Services (ISS) had advised unitholders of ARA LOGOS Logistics Trust (ALOG) to vote against a merger with ESR-REIT because of pricing.
Glass Lewis had said, “while Glass Lewis does not question merits [of the merger], we believe the terms of the scheme are unfair to ALOG unitholders because it implies a discounted market valuation for ALOG units.”
