Glass Lewis & Co. urged Forest City investors to vote in favour of the transaction, which has been opposed by the company’s former chief executive officer and co-chairman emeritus, Albert Ratner. Brookfield Asset Management Inc.’s $6.9 billion (U.S.) takeover of Forest City Realty Trust Inc. has garnered the support of a prominent shareholder advisory firm that argues the price provides an attractive premium for investors. “Overall, we find that the proposed transaction offers Forest City shareholders a financially compelling exit point, including an attractive premium to the unaffected trading price of Forest City shares and a reasonable valuation relative to REIT peers,” Glass Lewis said in its report Monday. Brookfield agreed in July to buy Forest City for $25.35 a share, about an 11 per cent premium over the company’s closing share price the previous day. Glass Lewis said it shared some of those concerns but concluded the company had run an exhaustive sales process and had limited alternatives to unlock the underlying value in the near term.

Source: thestar November 05, 2018 21:21 UTC