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Second proxy adviser backs Sabra-Care Capital proposed merger

Egan-Jones Proxy Services joined Glass Lewis & Co. LLC in recommending that Sabra Health Care REIT Inc. shareholders vote in favor of the company's planned common share issuance as part of its proposed merger with Care Capital Properties Inc.

The independent proxy advisory firm cited several reasons for its affirmative opinion, including the expertise of Sabra's board and management in evaluating the merger, as well as the diversification of the company's portfolio that will occur as a result of the deal.

Egan-Jones also questioned the motives of Sabra shareholders Hudson Bay Capital Management LP and Eminence Capital LP, both of whom recently opposed the deal. According to the advisory firm, the shareholders are focused on the "short term benefits" as they became shareholders only after the merger was announced.

Sabra once again called on shareholders to approve the proposed common share issuance at the company's special meeting scheduled for Aug. 15.