the heat is on Wonder how much this "independent" advice cost?; they boys are concerned if they are using "every share counts" rhetoric
2017-02-21 09:12 ET - News Release
Mr. Michael Young reports
LEADING INDEPENDENT PROXY ADVISOR GLASS LEWIS RECOMMENDS MILESTONE APARTMENTS REIT UNITHOLDERS VOTE "FOR" THE GOING PRIVATE TRANSACTION OF THE REIT
Glass Lewis & Co. LLC, a leading independent proxy voting advisory firm, has recommended that Milestone Apartments REIT unitholders vote for the REIT's going-private transaction.
In reaching its recommendation that Milestone unitholders vote "FOR " the transaction, Glass Lewis stated:
"Having considered both the opportunities and risks associated with the REIT's standalone alternative and growth plan, in the face of potentially negative headwinds on the horizon, and the time and risk-adjusted value that could reasonably be expected to accrue to unitholders under various alternatives, as compared to the all-cash, premium offer, we see a reasonable basis for the board's conclusion that the acquisition is in the best interests of the REIT and its unitholders at this time."
"In our view, the purchase price represents a compelling value at which Milestone unitholders can cash out their investment in the REIT and immediately realize an assured value, in cash, at a meaningful premium."
"Based on our own analyses, the valuation metrics referenced by the REIT and the fairness opinions of the two financial advisors, we believe the purchase price is fair and acceptable for Milestone unitholders. Not only does the purchase price imply meaningful premiums compared to the REIT's unaffected trading prices, it also implies premiums in terms of average price per apartment unit, capitalization rate and NAV."
"Based on these factors, along with the unanimous support of the special committee, we believe the proposed acquisition is in the best interests of unitholders."i
Welcoming Glass Lewis' favourable recommendation, Michael D. Young, Chair of the Board of Trustees and Chair of the Special Committee of the REIT, stated: "We are pleased that Glass Lewis has endorsed the transaction with Starwood, which delivers certain value in an increasingly uncertain environment. We thank our unitholders for their ongoing support and unanimously recommend that they realize the value of their investment by following the recommendations of Glass Lewis and the Board of Trustees and voting FOR the transaction."
Unitholders are reminded every vote counts regardless of how many units they own and to vote their proxies by 10 a.m. Toronto time on March 3, 2017.
If you have any questions, please contact Kingsdale Advisors at 1-866-851-3215 toll-free in North America, or 416-867-2272 outside North America or by email at contactus@kingsdaleadvisors.com .
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