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PORTLAND, Ore. - Leading vacation rental management platform Vacasa, Inc. (NASDAQ:VCSA) has received favorable recommendations from Institutional Shareholder Services Inc. (ISS) and Glass, Lewis & Co. (Glass Lewis) for its shareholders to vote in favor of a proposed merger with Casago. This advice comes ahead of a Special Meeting set for April 29, 2025, where Vacasa’s shareholders will cast their votes on the merger.
The endorsement from ISS, a prominent proxy advisory firm, follows an extensive eight-month strategic review by Vacasa’s board, which evaluated various strategic options. ISS noted the board conducted a reasonable process to ascertain whether competing offers, including those from Davidson Kempner, could lead to a superior proposal. The board concluded that Casago’s offer provided a higher certainty of timing and completion, deeming the merger with Casago the best option for shareholders considering the economics and certainty. This strategic move comes as the company faces an 18.56% revenue decline and maintains a weak financial health score, as revealed by InvestingPro’s comprehensive analysis.
Vacasa’s CEO, Rob Greyber, expressed satisfaction with the support from both ISS and Glass Lewis, emphasizing the comprehensive nature of the process undertaken by Vacasa and the board’s belief that the merger represents the most favorable risk-adjusted outcome for shareholders. The company is urging its shareholders to heed the recommendations of ISS and Glass Lewis and vote for the proposed merger at the upcoming Special Meeting.
Vacasa operates as a significant player in the North American vacation rental market, leveraging technology and local expertise to offer homeowners and guests a seamless rental experience. The company provides a vast selection of professionally managed properties across the United States and in international locations such as Belize, Canada, Costa Rica, and Mexico.
The information provided in this article is based on a press release statement from Vacasa, Inc. and does not include any speculative content regarding the potential impacts or broader industry trends related to the merger. The focus remains strictly on the facts surrounding the proposed merger and the recommendations issued by ISS and Glass Lewis.
In other recent news, Vacasa Inc. has been at the center of significant corporate developments. The company has accepted a revised buyout offer from Casago Holdings, LLC, at $5.30 per share, opting for this proposal over a competing offer from Davidson Kempner Capital Management. The decision was influenced by the certainty of Casago’s proposal, which did not require amendments to Vacasa’s Tax Receivable Agreement. This revised merger agreement with Casago also included an amendment to remove the condition related to the Hart-Scott-Rodino Antitrust Improvements Act, signaling progress toward finalizing the merger. Additionally, Vacasa’s Board of Directors continues to recommend the merger with Casago, despite Davidson Kempner’s unsolicited offer of $5.25 per share.
Vacasa’s Special Committee is reviewing Davidson Kempner’s proposal to determine if it qualifies as a "Superior Proposal" under the terms of the existing merger agreement. The company has been actively communicating these developments through SEC filings and press releases, ensuring transparency with its investors. Stockholders are advised to await the definitive proxy statement, which will provide further details on the proposed transactions. These recent developments highlight ongoing strategic evaluations and decisions by Vacasa’s management and board, aimed at ensuring the best outcomes for its shareholders.
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