ISS Recommends Stratos International Shareholders Approve Merger With Emerson
June 27 2007 - 12:30PM
PR Newswire (US)
CHICAGO, June 27 /PRNewswire-FirstCall/ -- Stratos International,
Inc. (NASDAQ:STLW), today announced that Institutional Shareholder
Services (ISS), a leading independent proxy advisory service, has
recommended that Stratos shareholders vote "FOR" approval and
adoption of the agreement and plan of merger, dated May 14, 2007,
among Stratos International, Inc., Emerson Network Power
Connectivity Solutions, Inc, and Emersub C, Inc. In its report, the
ISS stated, "Based on our review of the terms of the transaction
and the factors described above, in particular the merger premium
and strategic rationale, we believe that the merger agreement
warrants shareholder support." The report also notes that the
Stratos CGQ Index Score continues at 100% and the CGQ Industry
Ranking Score remains at 100% of its peer group. "We are very
pleased that ISS, a highly regarded independent corporate
governance body, has recommended that Stratos shareholders vote
'FOR' approval of the merger with Emerson," said Andy Harris,
President and Chief Executive Officer of Stratos. He went on to
note, "we are gratified to find that our excellent corporate
governance record has been recognized by ISS and we appreciate that
only a handful of all companies are able to earn the distinction of
ranking among the best of our peer groups when ranked at both 100%
of the overall CGQ Index and 100% of our industry ranking." As
announced on May 14, 2007, Stratos has entered into a definitive
agreement with Emerson under which Emerson will acquire all of the
outstanding shares of Stratos' common stock for $8.00 per share in
cash. A special meeting of Stratos' stockholders to consider and
vote upon the proposed merger has been scheduled for July 12, 2007
at 10:00 am Chicago time at Stratos' offices located in Chicago,
Illinois. Stratos stockholders of record as of the close of
business on June 7, 2007 will be entitled to vote at the special
meeting. Stockholders are encouraged to read Stratos' definitive
proxy materials in their entirety as they provide, among other
things, a detailed discussion of the process that led to the
proposed merger and the reasons behind the Stratos Board of
Directors' unanimous recommendation that Stratos' stockholders vote
in favor of the adoption of the merger agreement and the approval
of the merger. Stratos stockholders who have questions about the
proposed merger or need assistance in submitting their proxy or
voting their shares should contact Stratos' proxy solicitor,
MacKenzie Partners, toll-free at (800) 322-2885 by e-mail at .
About Emerson Emerson, based in St. Louis, is a global leader in
bringing technology and engineering together to provide innovative
solutions to customers through its network power, process
management, industrial automation, climate technologies, and
appliance and tools businesses. Sales in fiscal 2006 were $20.1
billion. For more information, visit http://www.gotoemerson.com/.
About Stratos International Stratos International, Inc. is a
leading designer, developer and manufacturer of RF and microwave,
as well as optical subsystems, components and interconnect products
used in telecom, enterprise, military and video markets. Stratos
has a rich history of optical and mechanical packaging expertise
and has been a pioneer in developing several optical devices using
innovative form-factors for telecom, datacom and harsh environment
applications. This expertise, coupled with several strategic
acquisitions, has allowed Stratos to amass a broad range of
products and build a strong IP portfolio of more than 150 US
patents issued and pending. Stratos currently serves more than
1,300 active customers, primarily in the telecom/datacom,
military/aerospace and video markets. Website:
http://www.stratosinternational.com/ DATASOURCE: Stratos
International, Inc. CONTACT: Barry Hollingsworth, Vice President
& Chief Financial Officer of Stratos International, Inc.,
+1-708-457-2379, Web site: http://www.stratosinternational.com/
http://www.gotoemerson.com/
Copyright
Stratos (NASDAQ:STLW)
Historical Stock Chart
From May 2024 to Jun 2024
Stratos (NASDAQ:STLW)
Historical Stock Chart
From Jun 2023 to Jun 2024