MONTREAL—New Look Vision Group Inc. (TSX: BCI.TO) announced Monday that both Institutional Shareholder Services Inc. (ISS) and Glass Lewis and Co. (Glass Lewis) have recommended that holders of Class A common shares of New Look Vision vote “for” the proposed plan of arrangement with NL1 AcquireCo Inc., an entity created by a group composed of funds managed by FFL Partners, a San Francisco-based private equity firm, Caisse de dépôt et placement du Québec or one of its affiliates (CDPQ), and the Dr. H. Doug Barnes Family.

ISS and Glass Lewis are independent proxy advisory firms who provide voting recommendations to institutional shareholders.

In mid-March, FFL Partners and CDPQ agreed to acquire New Look Vision Group in an all-cash transaction that valued New Look at $800 million, as VMAIL reported.

Under the planned purchase agreement, New Look shareholders will receive $50 in cash per share, other than certain shareholders who will receive, in respect of certain of their shares, common shares of the Purchaser, the announcement noted.

In reaching its conclusion ISS noted, “The cash consideration will provide shareholders certainty of value and immediate liquidity at a premium, allowing shareholders to exit their investment at an all-time high share price. At the beginning of 2019, the board and management determined that additional financing is required for the company to continue its medium- and long-term growth plans. Following a rigorous search and review process conducted by the Special Committee and the independent financial advisors, it appears that the going-private transaction represents the best path forward.”

Glass Lewis' report stated that, “Given what we consider to be a thorough and reasonably measured sale process and what appears to be a rather compelling takeover price, we consider there is suitable cause for investor support at this time. Accordingly, we recommend shareholders vote FOR this proposal.”

A special meeting of New Look shareholders to vote on the deal is scheduled to be held as a virtual-only meeting conducted by live audio webcast at Friday, May 14, at 10 a.m. (Montréal time).

Full details of the transaction are described in the company's management information circular dated April 9, which can be found on New Look Vision's profile on SEDAR at and on New Look Vision's website at