© Reuters.
(Reuters) – Overall net rental (NYSE:) Inc will acquire Necessity Retail REIT Inc in an all-stock deal that would value the combined entity at approximately $950 million, the companies announced Tuesday.
Necessity Retail REIT shareholders would receive 0.670 shares of Global Net Lease (GNL) for each Necessity share held, representing a total of $7.08 per share, the two REITs said in a joint statement.
LNG shares had 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 CEO after Nelson’s retirement in April 2024, the statement added.
Earlier this month, proxy advisory firms ISS and Glass Lewis had urged shareholders of the two REITs to decline support from several incumbent directors, amid a battle with hedge fund Blackwells Capital.