Leading Proxy Advisory Firms Recommend ContextLogic Stockholders Vote "FOR" Pending Transaction With Qoo10

Author: Benzinga Newsdesk | March 28, 2024 04:41pm

ISS, Glass Lewis and Egan-Jones Endorse Proposed Transaction

 

Stockholders are Encouraged to Vote FOR the Value-Maximizing Transaction Before the Electronic Proxy Voting Deadline of 11:59 P.M. Eastern Time on Thursday, April 11, 2024

SAN FRANCISCO, March 28, 2024 (GLOBE NEWSWIRE) -- ContextLogic Inc. (d/b/a Wish) (NASDAQ:WISH) ("ContextLogic" or the "Company") today announced that proxy advisory firms Institutional Shareholder Services ("ISS"), Glass Lewis and Egan-Jones have all recommended that ContextLogic stockholders vote "FOR" the proposed Asset Sale transaction with Qoo10 Pte. Ltd. ("Qoo10") in connection with the upcoming special meeting of stockholders (the "Special Meeting") on April 12, 2024, at 10:00 a.m. Pacific Time.

In making its recommendation FOR, ISS concluded that: 1

• The proposed transaction "appears to be the best available alternative, including a liquidation, a business combination, or remaining a standalone company, to maximize value for shareholders."
• "A vote FOR this transaction is warranted."

In making its recommendation FOR, Glass Lewis concluded that: 1

• "…we believe the Asset Sale likely represents the highest available value for the Company at this time."
• "We recommend that shareholders vote FOR this proposal."

In making its recommendation FOR, Egan-Jones concluded that:1

• "Based on the review of publicly available information on strategic, corporate governance and financial aspects of the proposed transaction, Egan-Jones views the proposed transaction to be a desirable approach in maximizing shareholder value."
• "After careful consideration, we believe that approval of the transaction is in the best interests of [ContextLogic] shareholders..."
• "We recommend a vote FOR [the transaction]."

Posted In: WISH