- Proxy advisory firm Glass Lewis said that Monmouth Real Estate Investment (NYSE:MNR) shareholders would be "better served" by rejecting Equity Commonwealth's (NYSE:EQC) stock-and-cash offer for MNR to purse Starwood Capital's competing offer, Starwood Capital said in a statement.
- Glass Lewis cited a "lack of obvious synergies or competitive advantages" in the EQC/MNR merger, as well as "considerable execution risks associated with the proposed strategy."
- The firm also said it was concerned that the Monmouth Real Estate (MNR) board rejected Starwood's revised offer dated Aug. 18, 2021, "despite that offer representing greater value than the implied value of the revised agreement with EQC."
- On Tuesday, Monmouth Real Estate's (MNR) board determined that Starwood's increased $19.20/share bid doesn't constitute a superior bid to the Equity Commonwealth (EQC) deal.