As I have stated earlier, the problem is not with the acquisition itself but the equity capital raise that the REIT is undertaking, which in my opinion is unnecessary, to fund this acquisition. Having said that, I’m not too optimistic about institutional investors acting to prevent this. Historically, institutional investors rarely vote against resolutions sponsored by the company’s management regardless of how shareholder unfriendly they may have been. The recent delisting of ICICI Securities is a case in point.
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