Monmouth shareholders reject Equity Commonwealth's buyout offer

Equity Commonwealth

31/08/2021 19:37

Aug 31 (Reuters) - Monmouth Real Estate Investment Corp
 MNR.N  said on Tuesday shareholders did not approve the
company's plan to sell itself to Equity Commonwealth  EQC.N ,
following a preliminary count of votes cast at its shareholder
meeting. 
    Separately, Equity Commonwealth said https://bit.ly/2WyVGPO
 it had terminated the deal and requested reimbursement of fees
and expenses pursuant to the terms of the agreement. 
    Equity Commonwealth had earlier this month agreed to buy
Monmouth for a total consideration of $3.4 billion.
    Proxy advisors Institutional Shareholder Services (ISS) and
Glass Lewis had urged shareholders to vote against Equity
Commonwealth's offer to buy Monmouth, which has rebuffed bids
from U.S. investment firm Starwood Capital Group.  urn:newsml:reuters.com:*:nL1N2PW0ZI
    Bloomberg News first reported https://bloom.bg/3Bn5w5K that
Sam Zell's Equity Commonwealth fell short of the vote tally
needed to move ahead with its plan to buy Monmouth.
    Final results will be filed with the Securities and Exchange
Commission within the next few days.
        


 (Reporting by Shreyasee Raj in Bengaluru; Editing by Sriraj
Kalluvila)
 ((Shreyasee.Raj@thomsonreuters.com;))