RTL - Activist Blackwells starts proxy battles at Global Net Lease Necessity Retail (update)

Update 9:57am : Adds shares, Blackwells confirmation.

• Activist fund Blackwells Capital started two different proxy fights at Global Net Lease ( NYSE: GNL ) and Necessity Retail ( NASDAQ: RTL ) and wants the REITS to oust their outside manager. Global Net Lease rose 2.5% , while Necessity Retail gained 1.1%.
• Blackwells nominated the same two director candidates at the companies and wants the REITs to evaluate possibly selling themselves, according a Reuters report, which cited people familiar. The investor also wants to nominate two more directors at both companies in 2024.
• Blackwellls confirmed the board nominated in two separate press releases on Global Net Lease ( GNL ) and Necessity Retail ( RTL ).
• Blackwells is trying to get both firms to replace AR Global, the company that owns and operates properties on behalf of others, according to the report. GNL has a market cap of $1.13 billion, while RTL is valued at $837 million.
• Blackwells is said to be a top five shareholder at GNL and owns about 100 shares of Necessity Retail ( RTL ), Reuters reported.
• GNL, Necessity Retail and AR Global did not immediately respond to Reuters email requests for comment.
• Necessity Retail ( RTL ) is scheduled to report Q3 results next Wednesd ay and Global Net Lease ( GNL ) will report next Thursday.

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