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Proxy adviser Glass Lewis backs Wheeler REIT's director nominees

Glass Lewis & Co. recommended Wheeler Real Estate Investment Trust Inc. shareholders vote for the election of the shopping center landlord's director nominees at its 2019 annual meeting.

Earlier in December, fellow independent proxy adviser Institutional Shareholder Services Inc. said Wheeler's shareholders should vote in favor of the proposed election of two of activist investor Stilwell Group's director nominees to the REIT's board.

In November, Stilwell also called for the removal of Wheeler CEO Dave Kelly from the company's board.

In making its recommendation, Glass Lewis acknowledged the REIT's continued efforts to return shareholder value by executing its plan and by revamping its board.

The proxy adviser argued, among other things, that Stilwell is offering the REIT's investors "little more than a fractionally updated iteration of its failed 2018 campaign."

Glass Lewis added that the REIT's board "has already been favorably augmented and is overseeing a sound restructuring program," despite facing "substantial challenges."

Wheeler shares closed 7.33% lower at $1.77 on Dec. 11.