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Global Net Lease (NYSE:GNL) holders should vote against a planned merger with Necessity Retail (NASDAQ:RTL), proxy adviser ISS recommended.
"The deal structure as currently constituted appears to disproportionately favor all other parties involved at the expense of GNL shareholders," ISS said in a report viewed by Seeking Alpha on Friday.
The deal spread in the Global Net Lease (GNL) and Necessity Retail (RTL) deal widened amid the ISS report. The spread widened to 29 cents from 10 cents on Thursday.
The ISS recommendation comes ahead of the Sept. 8 shareholder vote on the transaction, and as Global Net Lease (GNL) holder, Orange Capital last month issued a new presentation outlining its opposition to the transaction.
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