News summary · News
H&R REIT CEO’s investor role in proposed takeover deal draws opposition
The Globe and Mail reported growing opposition to the proposed takeover of H&R REIT ahead of a November 13 unitholder vote. The transaction involves GO Residential REIT and a consortium that includes H&R founder and chief executive Tom Hofstedter.
Mill Pond Capital alleged that the terms favor the founder's family. Hofstedter has defended his family's participation as necessary to purchase properties other bidders did not want, while CIBC and National Bank Financial found the transaction fair to unitholders. The report highlights the potential influence of proxy advisers on passive investors holding a substantial voting stake.
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