Proxy Firm Glass Lewis Gets Buyout

Proxy advisory firm Glass Lewis will be acquired by minority shareholder Xinhua Finance, the companies announced late Thursday.

Terms weren't disclosed. Xinhua Finance purchased an initial 19.9% of Glass Lewis in August 2006, and the purchase of the remaining 80.1% is expected to close in early 2007.

Glass Lewis will continue to operate as a separate company, with its existing management, client services and research teams.

Glass Lewis plans to expand its coverage of Chinese and emerging market companies and to bring objective investment research and proxy advisory and voting services to China.

Founded in 2003, Glass Lewis has headquarters in San Francisco.