NEW YORK (Reuters) – Proxy advisory firm Institutional Shareholder Services on Friday recommended Squarespace investors vote against a proposed take-private transaction by private equity company Permira later this month.
ISS cited concerns the sales process did not maximize value for shareholders and the company’s strong operational results and outlook as reasons for its recommendation.
“Despite the offer representing a premium at announcement to historic trading levels and valuation multiples, there appears to be no downside risk of non-approval,” the report seen by Reuters said.
(Reporting by Svea Herbst-Bayliss; Editing by Chris Reese)
