{"id":779220,"date":"2023-08-21T18:43:36","date_gmt":"2023-08-21T22:43:36","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/all-three-leading-independent-proxy-advisory-firms-recommend-shareholders-of-diversified-healthcare-trust-vote-against-the-proposed-merger-with-office-properties-income-trust\/"},"modified":"2023-08-21T18:43:36","modified_gmt":"2023-08-21T22:43:36","slug":"all-three-leading-independent-proxy-advisory-firms-recommend-shareholders-of-diversified-healthcare-trust-vote-against-the-proposed-merger-with-office-properties-income-trust","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/all-three-leading-independent-proxy-advisory-firms-recommend-shareholders-of-diversified-healthcare-trust-vote-against-the-proposed-merger-with-office-properties-income-trust\/","title":{"rendered":"All Three Leading Independent Proxy Advisory Firms Recommend Shareholders of Diversified Healthcare Trust Vote AGAINST the Proposed Merger with Office Properties Income Trust"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }\n.bwuline { text-decoration: underline }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\">\nAll Three Leading Independent Proxy Advisory Firms Recommend Shareholders of Diversified Healthcare Trust Vote <span class=\"bwuline\">AGAINST<\/span> the Proposed Merger with Office Properties Income Trust<\/p>\n<p class=\"bwalignc\"><i>ISS, Glass Lewis, and Egan-Jones Have Concluded the Proposed Merger Does <span class=\"bwuline\">Not<\/span> Represent the Best Path Forward for DHC Shareholders<\/i><\/p>\n<p class=\"bwalignc\"><i>Egan-Jones Agrees There are Superior Alternatives for Maximizing Shareholder Value and Addressing the Company\u2019s Near-Term Debt<\/i><\/p>\n<p class=\"bwalignc\"><i>Visit <\/i><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.SaveDHC.com&amp;esheet=53543143&amp;newsitemid=20230821555933&amp;lan=en-US&amp;anchor=www.SaveDHC.com&amp;index=1&amp;md5=fb1ec90dfa64421713d9c42d243d4bd1\"><i>www.SaveDHC.com<\/i><\/a><i> to Obtain Information on How to Vote <b><span class=\"bwuline\">AGAINST<\/span><\/b> the Deal on the <b><span class=\"bwuline\">GOLD<\/span><\/b> Proxy Card Ahead of the August 30<sup>th<\/sup> Special Meeting<\/i><\/p>\n<p>WILSON, Wyo.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nFlat Footed LLC (together with its affiliates, \u201cFFL\u201d or \u201cwe\u201d), a top shareholder of Diversified Healthcare Trust (Nasdaq: DHC) (\u201cDHC\u201d or the \u201cCompany\u201d) and the owner of approximately 9.8% of the Company\u2019s outstanding common shares, today announced that all three independent proxy advisory firms \u2013 Institutional Shareholder Services Inc. (\u201cISS\u201d), Glass, Lewis &amp; Co. (\u201cGlass Lewis\u201d), and Egan-Jones Ratings Company (\u201cEgan-Jones\u201d) \u2013 have now recommended that DHC shareholders vote <b><span class=\"bwuline\">AGAINST<\/span><\/b> the proposed merger with Office Properties Income Trust (Nasdaq: OPI) (\u201cOPI\u201d) at the Company\u2019s upcoming Special Meeting of Shareholders (the \u201cSpecial Meeting\u201d) on August 30, 2023.<\/p>\n<p>\nMarc Andersen, Managing Member of FFL, commented:<\/p>\n<p>\n\u201cThe unanimous recommendations from all three proxy advisory firms to vote <b><span class=\"bwuline\">AGAINST<\/span><\/b> the DHC-OPI deal confirm that there are many viable alternatives for the Company and its shareholders. As a significant investor in DHC, we want to support the Board of Trustees in exploring superior paths that would benefit all stakeholders, including moderating capital expenditures, targeted asset sales, and pursuing non-dilutive financing options. That is why we continue to believe voting down this deal is the best first step, as it will allow DHC to focus on the full potential of its valuable senior housing operating portfolio to create long-term value for shareholders.\u201d<\/p>\n<p>\nIn its recently issued report, Egan-Jones highlighted its rationale for recommending shareholders vote <b><span class=\"bwuline\">AGAINST<\/span><\/b> the proposed merger:<sup>1<\/sup><\/p>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cWe believe that the proposed transaction with OPI is <b>not the best available strategic alternative<\/b> to maximize shareholder value and address its debt.\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cThe inadequacy of the merger consideration clearly depicts the <b>lack of alignment of the Board and management\u2019s interests with those of the shareholders.<\/b>\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cThe <b>absence of a strategic process, lack of synergies and dubious rationale<\/b> that favor RMR instead of DHC shareholders [\u2026] delineate that the proposed transaction is self-serving to the personal motives of RMR and Mr. Portnoy.\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201c<b>Given DHC\u2019s SHOP assets, we believe that the Company is poised for a sizable rebound<\/b> in the next two years. We also believe that the potential of DHC\u2019s SHOP assets was <b>completely overlooked in determining the true value of its stock price.<\/b>\u201d<\/i><\/li>\n<\/ul>\n<p>\nIn its recommendation <b><span class=\"bwuline\">AGAINST<\/span><\/b> the deal, ISS <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.businesswire.com%2Fnews%2Fhome%2F20230808623101%2Fen%2FISS-Recommends-Diversified-Healthcare-Trust-Shareholders-Vote-AGAINST-the-Flawed-Value-Destructive-Merger-with-Office-Properties-Income-Trust&amp;esheet=53543143&amp;newsitemid=20230821555933&amp;lan=en-US&amp;anchor=noted&amp;index=2&amp;md5=afe593c6f87e03bbc432bb898fcd4488\">noted<\/a> the flawed rationale, lack of process, and remarkable \u201ctake-under\u201d consideration:<sup>2<\/sup><\/p>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cAs of Aug. 2, 2023, the value of the merger consideration represents a<b> take-under at a meaningful 53.7 percent discount to DHC\u2019s closing price.<\/b>\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201c[\u2026] <b>the company could potentially pay off all of its outstanding unsecured debt<\/b>, with a sizeable amount of assets remaining at a value well above the company&#8217;s current trading price and the merger consideration [\u2026] <b>shareholders may question why they should support a merger at such a depressed valuation to the company&#8217;s stated asset value.<\/b>\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201c[\u2026] <b>the lack of a competitive sales process or evidence that the company exhausted all refinancing opportunities<\/b>, coupled with the <b>inherent conflicts of interest with OPI and RMR<\/b>, make it difficult for shareholders to believe that the proposed merger is in fact the best option.\u201d<\/i><\/li>\n<\/ul>\n<p>\nGlass Lewis also<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.businesswire.com%2Fnews%2Fhome%2F20230814338471%2Fen%2FGlass-Lewis-Joins-ISS-in-Recommending-Shareholders-of-Diversified-Healthcare-Trust-Vote-AGAINST-the-Proposed-Merger-with-Office-Properties-Income-Trust&amp;esheet=53543143&amp;newsitemid=20230821555933&amp;lan=en-US&amp;anchor=recommended&amp;index=3&amp;md5=00dbb9e45d6556f3456eb3c39dc8ba47\"> recommended<\/a> shareholders vote <b><span class=\"bwuline\">AGAINST<\/span><\/b> the deal in its report that noted:<sup>3<\/sup><\/p>\n<ul class=\"bwlistdisc\">\n<li><i>\u201c[\u2026] concerns with the current transaction, including a limited and questionably structured process, a dubious structural rationale and what appear to be <b>markedly unfavorable terms for DHC shareholders.<\/b>\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cWe believe investors should readily <b>question the board\u2019s apparent disinclination to firmly eliminate prospective conflicts of interest<\/b>, real or perceived, in connection with a related party transaction involving another entity managed by RMR [\u2026]\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201c[\u2026] <b>the underlying industrial logic appears deeply flawed, with few obvious synergies<\/b> between DHC\u2019s senior housing portfolio and OPI\u2019s existing office property exposure. <b>The lack of a compelling structural fit <\/b>is demonstrated [\u2026]\u201d<\/i><\/li>\n<\/ul>\n<p class=\"bwalignc\">\n***<\/p>\n<p class=\"bwalignc\"><b><i>Visit <\/i><\/b><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.SaveDHC.com&amp;esheet=53543143&amp;newsitemid=20230821555933&amp;lan=en-US&amp;anchor=www.SaveDHC.com&amp;index=4&amp;md5=4d5ac51ca722952e23ac623ea7a9e12b\"><b><i>www.SaveDHC.com<\/i><\/b><\/a><b><i> to Download FFL\u2019s <\/i><\/b><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fuploads-ssl.webflow.com%2F6489e41de528ea736616fbdb%2F64c96b1002b9849c58bf1eec_DHC%2520Deck%2520%25288.1.2023%2529.pdf&amp;esheet=53543143&amp;newsitemid=20230821555933&amp;lan=en-US&amp;anchor=Investor+Presentation&amp;index=5&amp;md5=281e0f4d7ab844475b4f3cc6a0d2dafa\"><b><i>Investor Presentation<\/i><\/b><\/a><b><i> and to Obtain Information on How to Vote the <span class=\"bwuline\">GOLD<\/span> Proxy Card <span class=\"bwuline\">AGAINST<\/span> ALL of DHC\u2019s Proposals at the Upcoming Special Meeting.<\/i><\/b><\/p>\n<p class=\"bwalignc\">\n***<\/p>\n<p><b>About Flat Footed<\/b><\/p>\n<p>\nFlat Footed LLC is a special situation, value-oriented investment management firm focused on leveraged, asset-heavy companies with complex capital structures. The Flat Footed LLC team has cumulatively managed $2.8 billion since founding their first fund together in 1999. For more information, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.flatfootedllc.com&amp;esheet=53543143&amp;newsitemid=20230821555933&amp;lan=en-US&amp;anchor=www.flatfootedllc.com&amp;index=6&amp;md5=79bc28811d602b1f056ff04a660c125a\">www.flatfootedllc.com<\/a>.<\/p>\n<p><sup>_____________________<br \/>\n<br \/>1<\/sup> Permission to quote Egan-Jones was neither sought nor obtained. Emphases added.\u00a0<br \/>\n<br \/><sup>2<\/sup> Permission to quote ISS was neither sought nor obtained. Emphases added.\u00a0<br \/>\n<br \/><sup>3<\/sup> Permission to quote Glass Lewis was neither sought nor obtained. Emphases added.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230821555933r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230821555933\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230821555933\/en\/<\/a><\/span><\/p>\n<p>\nFlat Footed LLC<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:ir@flatfootedllc.com\">ir@flatfootedllc.com<\/a><\/p>\n<p>\nOkapi Partners LLC<br \/>\n<br \/>Mark Harnett<br \/>\n<br \/>(212) 297-0720<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:mharnett@okapipartners.com\">mharnett@okapipartners.com<\/a><\/p>\n<p>\nor<\/p>\n<p>\nLongacre Square Partners<br \/>\n<br \/>Greg Marose \/ Charlotte Kiaie, 646-386-0091<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:FFL@longacresquare.com\">FFL@longacresquare.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Wyoming United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Asset Management Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>All Three Leading Independent Proxy Advisory Firms Recommend Shareholders of Diversified Healthcare Trust Vote AGAINST the Proposed Merger with Office Properties Income Trust ISS, Glass Lewis, and Egan-Jones Have Concluded the Proposed Merger Does Not Represent the Best Path Forward for DHC Shareholders Egan-Jones Agrees There are Superior Alternatives for Maximizing Shareholder Value and Addressing the Company\u2019s Near-Term Debt Visit www.SaveDHC.com to Obtain Information on How to Vote AGAINST the Deal on the GOLD Proxy Card Ahead of the August 30th Special Meeting WILSON, Wyo.&#8211;(BUSINESS WIRE)&#8211; Flat Footed LLC (together with its affiliates, \u201cFFL\u201d or \u201cwe\u201d), a top shareholder of Diversified Healthcare Trust (Nasdaq: DHC) (\u201cDHC\u201d or the \u201cCompany\u201d) and the owner of approximately 9.8% of the Company\u2019s outstanding common &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/all-three-leading-independent-proxy-advisory-firms-recommend-shareholders-of-diversified-healthcare-trust-vote-against-the-proposed-merger-with-office-properties-income-trust\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;All Three Leading Independent Proxy Advisory Firms Recommend Shareholders of Diversified Healthcare Trust Vote AGAINST the Proposed Merger with Office Properties Income Trust&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-779220","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>All Three Leading Independent Proxy Advisory Firms Recommend Shareholders of Diversified Healthcare Trust Vote AGAINST the Proposed Merger with Office Properties Income Trust - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Shareholder Value and Addressing the Company\u2019s Near-Term Debt Visit www.SaveDHC.com to Obtain Information on How to Vote AGAINST the Deal on the GOLD Proxy Card Ahead of the August 30th Special Meeting WILSON, Wyo.&#8211;(BUSINESS WIRE)&#8211; Flat Footed LLC (together with its affiliates, \u201cFFL\u201d or \u201cwe\u201d), a top shareholder of Diversified Healthcare Trust (Nasdaq: DHC) (\u201cDHC\u201d or the \u201cCompany\u201d) and the owner of approximately 9.8% of the Company\u2019s outstanding common &hellip; Continue reading &quot;All Three Leading Independent Proxy Advisory Firms Recommend Shareholders of Diversified Healthcare Trust Vote AGAINST the Proposed Merger with Office Properties Income Trust&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/all-three-leading-independent-proxy-advisory-firms-recommend-shareholders-of-diversified-healthcare-trust-vote-against-the-proposed-merger-with-office-properties-income-trust\/\" 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Diversified Healthcare Trust Vote AGAINST the Proposed Merger with Office Properties Income Trust ISS, Glass Lewis, and Egan-Jones Have Concluded the Proposed Merger Does Not Represent the Best Path Forward for DHC Shareholders Egan-Jones Agrees There are Superior Alternatives for Maximizing Shareholder Value and Addressing the Company\u2019s Near-Term Debt Visit www.SaveDHC.com to Obtain Information on How to Vote AGAINST the Deal on the GOLD Proxy Card Ahead of the August 30th Special Meeting WILSON, Wyo.&#8211;(BUSINESS WIRE)&#8211; Flat Footed LLC (together with its affiliates, \u201cFFL\u201d or \u201cwe\u201d), a top shareholder of Diversified Healthcare Trust (Nasdaq: DHC) (\u201cDHC\u201d or the \u201cCompany\u201d) and the owner of approximately 9.8% of the Company\u2019s outstanding common &hellip; Continue reading \"All Three Leading Independent Proxy Advisory Firms Recommend Shareholders of Diversified Healthcare Trust Vote AGAINST the Proposed Merger with Office Properties Income Trust\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/all-three-leading-independent-proxy-advisory-firms-recommend-shareholders-of-diversified-healthcare-trust-vote-against-the-proposed-merger-with-office-properties-income-trust\/","og_site_name":"Market Newsdesk","article_published_time":"2023-08-21T22:43:36+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230821555933r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 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