The Globe and Mail reports in its Wednesday, Oct. 28, edition that Institutional Shareholders Services has recommended unitholders vote against a friendly $3.4-billion takeover offer from GO Residential REIT. The Globe's Andrew Willis writes that unitholder vote on the bid on Nov. 13. ISS says H & R's owners should vote against the offer because of "concerns over the sale process, conflicts, deal logic and whether disinterested unitholders are capturing fair value relative to insiders." ISS's recommendations, along with those of rival Glass, Lewis & Co., will influence how passive investors such as index funds vote. Passive funds hold between 10 and 13 per cent of the REIT's units and investment bank analysts say their votes could determine the deal's outcome. Glass Lewis is expected to publish its recommendations on the H & R transaction by early next week. H & R's owners are being offered $4.28 in cash and 0.5688 GO units for each H & R unit. The boards of both REITs have recommended unitholders vote for the transaction. H & R owns a mixture of New York and U.S. sunbelt apartment buildings, and Canadian industrial and residential properties. GO owns luxury apartments in New York.