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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Diversified Healthcare Trust | NASDAQ:DHC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.10 | 4.26% | 2.45 | 2.24 | 2.45 | 2.44 | 2.36 | 2.42 | 683,536 | 01:00:00 |
Reiterates Intent to Vote AGAINST the Value-Destructive Proposed Merger with Office Properties Income Trust, Which Would Enrich RMR Group at DHC Shareholders’ Expense
Flat Footed LLC (together with its affiliates, “FFL” or “we”), a top shareholder of Diversified Healthcare Trust (Nasdaq: DHC) (“DHC” or the “Company”) and the owner of approximately 8.4% of the outstanding common shares of the Company, today called on DHC’s Board of Trustees (the “Board”) to address a series of pressing questions at this morning’s Annual Meeting of Shareholders (the “Annual Meeting”).
The Board has yet to respond to FFL’s May 23rd letter, which highlights the numerous reasons why it believes DHC shareholders should reject the proposed merger with Office Properties Income Trust (Nasdaq: OPI) (“OPI”). Notably, FFL’s letter makes clear that the transaction would result in a windfall to OPI and The RMR Group LLC (“RMR”), which is the external manager for both REITs, at the expense of DHC shareholders.
FFL believes DHC shareholders should ask the following questions during today’s Annual Meeting, which is intended to be a forum for open investor engagement:
As a reminder, FFL intends to vote its DHC shares AGAINST the proposed merger with OPI to protect the long-term value and interests of all of the Company stakeholders.
About Flat Footed
Flat Footed LLC is a special situation, value-oriented investment management firm focused on leveraged, asset-heavy companies with complex capital structures. The Flat Footed LLC team has cumulatively managed $2.8 billion since founding their first fund together in 1999. For more information, visit www.flatfootedllc.com.
1 Based on OPI’s closing price of $7.70 on June 2, 2023 and the 0.147 exchange ratio.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230605005251/en/
For Investors: Flat Footed LLC ir@flatfootedllc.com
Okapi Partners LLC Mark Harnett (212) 297-0720 mharnett@okapipartners.com
For Media: Longacre Square Partners Greg Marose / Charlotte Kiaie, 646-386-0091 FFL@longacresquare.com
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