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Flat Footed, a top holder of Diversified Healthcare Trust (NASDAQ:DHC), said Monday proxy advisory firm Egan-Jones has joined ISS and Glass Lewis in recommending DHC holders to vote against the proposed merger with Office Properties Income Trust (NASDAQ:OPI).
Defending its rationale for recommending shareholders to vote against the deal, Egan-Jones said the move wouldn’t be “the best available strategic alternative to maximize shareholder value and address its debt.”
“Given DHC’s SHOP assets, we believe that the Company is poised for a sizable rebound in the next two years. We also believe that the potential of DHC’s SHOP assets was completely overlooked in determining the true value of its stock price,” it added.
Earlier in August, Glass Lewis urged DHC holders to vote against its deal with OPI, citing “deeply flawed” underlying industrial logic.
DHC and OPI holders are slated to vote on the deal on August 30.
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Image and article originally from seekingalpha.com. Read the original article here.