RiskMetrics, Glass, Lewis & PROXY Governance Recommend Hirsch International Corp. Stockholders Vote "For" the Merger Agreemen...
October 13 2009 - 4:34PM
Business Wire
Hirsch International Corp. (NASDAQ: HRSH,
http://www.hirschinternational.com) announced today that
RiskMetrics Group, Inc., Glass, Lewis & Co. and PROXY
Governance, Inc., three leading independent proxy advisory firms,
have recommended that Hirsch stockholders vote "FOR" approval of
the merger agreement with an affiliate of Paul Gallagher, Hirsch’s
President, Chief Executive Officer and Chief Operating Officer,
which will be considered at the October 20, 2009 special meeting of
Hirsch stockholders. Stockholders of record as of the close of
business on September 23, 2009 will be entitled to vote at the
meeting. As previously announced, under the terms of the merger
agreement, an affiliate of Mr. Gallagher will acquire all of the
outstanding shares of Hirsch common stock for $0.31 per share in
cash, other than shares held by Mr. Gallagher and certain of his
affiliates. This represents a premium of approximately 47.6% over
the last closing trading price of Hirsch’s shares of Class A Common
Stock prior to Mr. Gallagher’s initial offer to acquire all of
Hirsch shares of common stock, and approximately 24% over the last
closing trading price on July 1, 2009, the day before the merger
agreement was announced.
The analysis and recommendations of RiskMetrics, Glass, Lewis
and PROXY Governance are relied upon by hundreds of major
institutional investment firms, mutual funds and fiduciaries
throughout the United States. Hirsch encourages all stockholders to
follow the recommendations of RiskMetrics, Glass, Lewis and PROXY
Governance and vote their shares promptly by completing and
returning their proxy card.
Hirsch’s stockholders are reminded that their vote is important.
Stockholders may be able to vote their shares by telephone or the
Internet if their shares are held by a broker or other nominee. If
stockholders do not vote, it will have the same effect as a vote
against approval of the proposed merger. Stockholders are advised
that if they have any questions or need any assistance in voting
their shares, they should contact Hirsch’s proxy solicitor,
Georgeson Inc., by telephone at 1-888-264-6999.
Additional Information About the Transaction
In connection with the proposed merger, Hirsch has filed a proxy
statement and relevant documents concerning the proposed merger
with the Securities and Exchange Commission (the "SEC"). INVESTORS
AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND
OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY CONTAIN
IMPORTANT INFORMATION ABOUT HIRSCH AND THE PROPOSED MERGER.
Investors and security holders may obtain a free copy of the proxy
statement and other documents filed by the Company at the SEC’s
website at http://www.sec.gov.
The proxy statement and such other documents may also be
obtained for free from Hirsch by directing such request to Hirsch
International Corp, 50 Engineers Road, Suite 100, Hauppauge, New
York, 11788, Attention: Corporate Secretary; Telephone (631)
436-7100.
Hirsch and its directors, executive officers and other members
of its management and employees may be deemed to be participants in
the solicitation of proxies from its stockholders in connection
with the proposed merger. Information concerning the interests of
Hirsch's participants in the solicitation of proxies is set forth
in the proxy statement relating to the proposed merger.
About Hirsch International Corp.
Hirsch is a leading provider of equipment and education and
support services to the graphic and decorated apparel industry.
Hirsch exclusively represents the decorated apparel industry’s
leading brands including Tajima embroidery equipment, MHM screen
printing equipment, SEIT textile bridge lasers, Pulse Microsystems
digitizing and design software and now Kornit and Mimaki digital
garment printers. Hirsch’s customer groups include a wide range of
contract manufacturers that outsource their embellishment
requirements; manufacturers who use embroidery, screenprinting,
laser etching or digital printing to embellish their apparel and
fashion accessories; promotional products, uniform, and sportswear
companies; retail stores; and graphic and decorated apparel
entrepreneurs servicing the athletic apparel, corporate logo-wear,
and advertising specialties markets. Hirsch was founded in 1968 and
is headquartered in Hauppauge, N.Y.
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