ISS and Glass Lewis Recommend Shareholders of New Look Vision Vote FOR Proposed Plan of Arrangement
Monday, May 10 2021 | 11 h 53 min | News
New Look Vision Group today announced that both Institutional Shareholder Services Inc. (ISS) and Glass Lewis and Co have recommended that holders of Class A common shares of New Look Vision vote FOR the proposed plan of arrangement with NL1 AcquireCo, an entity created by a group composed of funds managed by FFL Partners, LLC, a San Francisco-based private equity firm, Caisse de dépôt et placement du Québec or one of its affiliates (“CDPQ”), and the Dr. H. Doug Barnes Family. ISS and Glass Lewis are independent proxy advisory firms who provide voting recommendations to institutional shareholders.
Under the Arrangement, Shareholders will receive $50.00 in cash per Share, other than certain shareholders who will receive, in respect of certain of their Shares, common shares of the Purchaser.
ISS noted: “The cash consideration will provide shareholders certainty of value and immediate liquidity at a premium, allowing shareholders to exit their investment at an all-time high share price. At the beginning of 2019, the board and management determined that additional financing is required for the company to continue its medium- and long-term growth plans. Following a rigorous search and review process conducted by the Special Committee and the independent financial advisors, it appears that the going-private transaction represents the best path forward.”
Glass Lewis’ report states that: “Given what we consider to be a thorough and reasonably measured sale process and what appears to be a rather compelling takeover price, we consider there is suitable cause for investor support at this time. Accordingly, we recommend shareholders vote FOR this proposal.”
Click HERE for the full press release.