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(Reuters) – World Internet Lease (NYSE:) Inc will purchase Necessity Retail REIT Inc in an all-stock deal that might worth the mixed entity at about $950 million, the businesses mentioned late on Tuesday.
The shareholders of Necessity Retail REIT would obtain 0.670 shares of World Internet Lease (GNL) for every Necessity share held, representing a complete of $7.08 per share, the 2 REITs mentioned in a joint assertion.
GNL’s shares had closed at $10.56 on Tuesday.
The mixed firm will function as GNL and its present CEO James Nelson and present Necessity Retail REIT’s CEO Michael Weil will develop into co-chief government officers.
Weil would be the sole CEO after Nelson’s retirement in April 2024, the assertion added.
Earlier this month, proxy advisory companies ISS and Glass Lewis had urged shareholders of each the REITs to withhold help from a number of incumbent administrators, amid a battle with hedge fund Blackwells Capital.
