Proxy advisers ISS, Glass Lewis recommend LG shareholders reject spinoff plan
By Svea Herbst-Bayliss
BOSTON (Reuters) – Proxy advisers Institutional Shareholder Services Inc and Glass Lewis & Co useful individually that LG Corp shareholders vote in opposition to the South Korean agency’s plan to spin off 5 associates, arguing there is not a “compelling” trigger for the proposed transaction.
LG launched in November that it’ll spin off a model new holding agency and swap its holdings in LG Hausys, LG MMA, Silicon Works, LG International and Pantos into the model new entity, marking the newest reorganization at one among many nation’s family-led conglomerates as they cross to a model new period.
U.S. hedge fund Whitebox Advisors, which owns roughly 1% of LG, opposes the plan and has mounted a public advertising and marketing marketing campaign to stop it, saying the spinoff would harm minority shareholders whereas aiming at resolving a family succession topic.
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