The Globe and Mail reports in its Wednesday, Oct. 14, edition that a founder-backed takeover bid for H & R REIT is facing growing opposition ahead of recommendations from proxy advisory services that could kill the $3.4-billion acquisition. The Globe's Andrew Willis writes that last week, several institutional investors came out against a units-and-cash offer for H & R from a consortium led by GO Residential REIT and including H & R's founder and chief executive officer, Tom Hofstedter. Asset manager Mill Pond Capital, which owns 2.2 million H & R units, said the offer favours Mr. Hofstedter and his family at the expense of other unitholders. Mr. Hofsteder has consistently said his family holding company, CRAL, is making the GO REIT takeover possible by acquiring properties no other bidders want. Two investment dealers, CIBC Capital Markets and National Bank Financial, have said the transaction is fair to H & R unitholders. Passive H & R owners such as index funds, which control 13 per cent of the REIT's units, are emerging as kingmakers in a takeover vote scheduled for Nov. 13. Passive fund managers are expected to rely on recommendations from Glass, Lewis & Co. and ISS.