Proxy advisor ISS says vote 'against' on Third Point Malibu Life Reinsurance deal

Institutional Shareholder Services has recommended that shareholders in Third Point Investors Limited (TPIL) TPOS should vote against a deal to acquire Malibu Life Reinsurance SPC, a report from ISS said on Tuesday.

The deal would "fundamentally change" the fund's investment case without offering minority shareholders an exit option at a fair price for their entire holdings, the report said.

Third Point, which controls the feeder fund TPIL, did not have an immediate comment.