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All Leading Proxy Advisory Firms Recommend X-Rite, Incorporated Shareholders Vote “For” All Proposals at Upcoming Special Meeting
Friday 17. October 2008 - X-Rite, Incorporated, (NASDAQ: XRIT) a global leader in color technology, today announced that all of the leading independent proxy advisory and corporate governance services firms, RiskMetrics Group - ISS Governance Services ("ISS"), Glass Lewis & Co. ("Glass Lewis), Egan-Jones Proxy Services ("Egan-Jones") and Proxy Governance, Inc. ("PGI"), have recommended that X-Rite shareholders vote "for" the following proposals, which are further described in the proxy statement, dated September 26, 2008:
X-Rite, Incorporated, (NASDAQ: XRIT) a global leader in color technology, today announced that all of the leading independent proxy advisory and corporate governance services firms, RiskMetrics Group – ISS Governance Services (“ISS”), Glass Lewis & Co. (“Glass Lewis), Egan-Jones Proxy Services (“Egan-Jones”) and Proxy Governance, Inc. (“PGI”), have recommended that X-Rite shareholders vote “for” the following proposals, which are further described in the proxy statement, dated September 26, 2008:
Proposal 1 The issuance to OEPX, LLC, a Delaware limited liability company managed by One Equity Partners, Sagard Capital Partners, L.P. and Tinicum Capital Partners II, L.P., Tinicum Capital Partners II Parallel Fund, L.P. and Tinicum Capital Partners II Executive Fund L.L.C. of an aggregate of 46,904,763 shares of the Companys common stock, in exchange for an aggregate purchase price of $155 million in cash.
Proposal 2 The approval of the X-Rite, Incorporated 2008 Omnibus Long Term Incentive Plan.
“We are pleased that ISS, Glass Lewis, Egan-Jones and PGI have all recognized both the strategic and economic impact of these proposals,” said Thomas J. Vacchiano Jr., Chief Executive Officer for X-Rite.
“Their recommendations confirm our original assessment that a revised capital structure not only provides us the solid financial foundation to fund our on-going operations, but also best serves the long- term interests of our shareholders.”