(Reuters) – Global net rental (NYSE:) Inc will acquire Necessity Retail REIT Inc in an all-stock deal that will value the combined entity at about $950 million, the companies said late Tuesday.
Necessity Retail REIT shareholders will receive 0.670 Global Net Lease (GNL) shares for each Necessity share held, for a total of $7.08 per share, the two REITs said in a statement. common father.
Shares of GNL closed at $10.56 on Tuesday.
The combined company will operate as GNL and its current CEO James Nelson and current Necessity Retail REIT CEO Michael Weil will become co-CEOs.
Weil will be the sole Chief Executive Officer after Mr. Nelson retires in April 2024, the statement added.
Earlier this month, proxy advisory firms ISS and Glass Lewis urged shareholders of both REITs to withdraw support from some incumbent directors, amid a battle with hedge fund Blackwells Capital.