Business News
X-Rite Announces Filing of Definitive Proxy Statement and Special Meeting to Approve Capital Raise
Monday 29. September 2008 - X-Rite, Incorporated (NASDAQ:XRIT) today filed with the U.S. Securities & Exchange Commission ("SEC") a definitive proxy statement relating to the proposals described below and announced that a special meeting of X-Rites shareholders will be held on October 28, 2008, at 8:30 a.m., Central Time, at the offices of McDermott Will & Emery LLP, 227 West Monroe Street, Chicago, Illinois 60606. At the special meeting, X-Rites shareholders of record as of the September 22, 2008 record date will be asked to approve the following proposals, which are further described in the proxy statement:
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.
The Board of Directors of X-Rite believes that Proposals 1 and 2 are in the best interest of X-Rite and its shareholders and, therefore, unanimously recommends that X-Rites shareholders vote “FOR” Proposals 1 and 2 at the special meeting.
As detailed in the proxy statement, shareholders can vote their shares via the Internet, by telephone, by mail or by written ballot at the special meeting. Shareholders whose shares are held in “street name” should instruct their brokers how to vote their shares using the instructions provided by their brokers.