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Leading Independent Proxy Advisory Firms ISS and Glass Lewis Recommend Monmouth Shareholders Vote “FOR” the Transaction with Industrial Logistics Properties Trust
Transaction Delivers Immediate and Certain All-Cash Value to Monmouth Shareholders at a Significant Premium HOLMDEL, N.J., Feb. 14, 2022 (GLOBE NEWSWIRE) --
About this update from Industrial Logistics Properties Trust
[{"type":"text","content":"Transaction Delivers Immediate and Certain All-Cash Value to Monmouth Shareholders at a Significant Premium\nHOLMDEL, N.J., Feb. 14, 2022 (GLOBE NEWSWIRE) -- Monmouth Real Estate Investment Corporation (NYSE: MNR, “Monmouth” or “the Company”) today announced that leading independent proxy advisory firms Institutional Shareholder Services (“ISS”) and Glass, Lewis & Co. (“Glass Lewis”) have recommended that shareholders vote “FOR” the previously announced all-cash transaction with Industrial Logistics Properties Trust (Nasdaq: ILPT, “ILPT”) at the Company’s upcoming Special Meeting of Shareholders (the “Special Meeting”) scheduled for February 17, 2022. “We are pleased that both ISS and Glass Lewis support our Board’s unanimous recommendation that shareholders vote ‘FOR’ the transaction with ILPT,” said Michael Landy, President and CEO of Monmouth. “The recommendations from ISS and Glass Lewis validate our belief that the proposed transaction maximizes value for shareholders, delivering immediate and certain all-cash value at a significant premium. The Monmouth Board, with the assistance of its financial and legal advisors, completed a comprehensive review process to thoroughly evaluate all strategic options available to the Company. We remain confident that ILPT’s all-cash offer, which was the highest bid Monmouth received, is the best available outcome.” Mr. Landy continued, “Over 50 years ago, Eugene Landy, our Chairman and Founder, started this company and we are proud to have built a compelling portfolio of assets. I thank our dedicated and talented team for all the hard work throughout our journey to reach this point.” The Monmouth Board of Directors urges Monmouth shareholders to follow ISS and Glass Lewis’s recommendations by voting “FOR” the pending transaction with ILPT. As previously announced, Monmouth and ILPT have entered into a definitive merger agreement pursuant to which ILPT has agreed to acquire Monmouth for $21.00 per common share (the “Transaction”), which represents a 24% premium to the unaffected closing share price of $16.99 on December 18, 2020 and a 36% premium to the 30-day volume weighted average unaffected trading share price of $15.43 as of November 5, 2021. The Transaction is expected to be completed before the end of the month, subject to approval by Monmouth’s common shareholders and the satisfacti...