Proxy advisers give cautious nod for ALog Trust unitholders to accept merger offer

PROXY advisory firms Institutional Shareholder Services (ISS) and Glass Lewis have recommended that unitholders of Ara Logos Logistics Trust (ALog Trust) vote in favour of the merger with ESR-Reit, based on the revised terms of the offer.

Both ISS and Glass Lewis had in January recommended that unitholders vote against the merger on grounds that the process had been "questionable" and that the offer price was unfair to ALog Trust unitholders.

Following the initial proxy advisory reports, the managers of ESR-Reit and ALog Trust quickly postponed their respective extraordinary general meetings (EGMs) to vote on the merger, which were scheduled to be held around end-January.