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Saucony Acquisition Price Gets ISS OK
SEPTEMBER 08, 2005 --
Saucony's proposed acquisition by Stride Rite was recommended by Institutional Shareholder Services, Inc., the nation's leading independent proxy advisory firm. The recommendations of ISS are relied upon by hundreds of major institutional investment firms, mutual funds, and other fiduciaries throughout the country.
This is interesting in that an article that appeared on The Motley Fool indicated that there was enough dissatisfaction by Saucony shareholders that a proxy consulting firm had to be hired to phone shareholders to sell the deal.
In its report on the proposed Saucony-Stride Rite transaction, ISS stated: "(We) believe that the merger agreement warrants shareholder support. We note that the company's decision to sell was reached following a lengthy sale process, in which a total of 46 parties were contacted."
Saucony CEO John Fisher said, "We are pleased that ISS has recommended that Saucony shareholders approve the proposed acquisition by Stride Rite. This positive recommendation by a well-respected advisory firm underscores the rigorous and deliberative process the Board conducted in reaching the agreement with Stride Rite and the compelling nature of this transaction. The Board encourages all Saucony shareholders to follow the voting recommendations made by ISS and support the merger with Stride Rite."
As previously announced, Saucony and Stride Rite entered into a definitive agreement under which Stride Rite agreed to pay $23 in cash for each outstanding share of Saucony Class A and Class B common stock, or approximately $172 million in aggregate value. Saucony's Board of Directors unanimously recommends that stockholders vote for the proposed acquisition.
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Categories
Sporting goods industry
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Stride Rite Inc.
Saucony Inc.
Institutional Shareholder Services Inc.
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John Fisher
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