180 Degree announces Glass Lewis recommends shareholders vote for merger

180 Degree Capital (TURN) announced that a leading independent proxy advisory firm, Glass, Lewis & Co. has recommended that 180 Degree Capital shareholders vote “FOR” the proposed all-stock merger between 180 Degree Capital and Mount Logan Capital at 180 Degree Capital’s upcoming special meeting on August 22, 2025. Glass Lewis’ report highlighted its assessment of the strategic rationale for the merger, its conclusion that the terms represent a favorable valuation for 180 Degree Capital shareholders, and its view that the 180 Degree Capital’s Special Committee of its Board of Directors undertook a well-run process when assessing strategic alternatives for 180 Degree Capital. In its July 28, 2025, report, Glass Lewis noted: “As a starting point, we acknowledge that the TURN board and the Special Committee conducted meaningful and thorough negotiations with Mount Logan, securing a significantly improved offer compared to the initial Mount Logan LOI.” “…we believe the Fund carried out reasonable and effective negotiations that were in shareholders’ best interest.” “The change in investment character warrants careful consideration, but we believe TURN has presented a compelling strategic and financial case for the merger. Specifically, the proposed transaction offers potential value accretion and improved long-term prospects that, in our view, offset the potential drawbacks associated with deregistration.” “In our view, rejecting this deal would leave shareholders exposed to ongoing structural challenges without a clearly superior alternative.”