Raven Industries Shareholders Approve Transaction With CNH Industrial
September 15 2021 - 1:09PM
Business Wire
Raven Industries, Inc. (the Company; NASDAQ:RAVN) announced
that, at a special meeting held on September 15, 2021, its
shareholders voted strongly to approve the pending transaction with
CNH Industrial N.V. (NYSE: CNHI / MI: CNHI). More than 71% of the
outstanding shares of Raven voted, and of the shares that voted,
over 99% voted in favor of the transaction with CNH Industrial.
Dan Rykhus, Raven President & Chief Executive Officer, said,
“We thank our shareholders for their strong support of this
transaction. We look forward to working with the CNH Industrial
team to close the transaction.”
The transaction is expected to close in the fourth quarter of
2021, subject to approval from the Committee on Foreign Investment
in the United States (CFIUS) and acceptance by the Defense
Counterintelligence and Security Agency (DCSA) of a signed
commitment letter.
The final voting results will be reported in a Current Report on
Form 8-K to be filed with the Securities and Exchange Commission,
after certification by Raven’s inspector of elections.
J.P. Morgan Securities LLC acted as financial advisor to Raven
and Davis Polk & Wardwell LLP as its legal advisor.
About Raven Industries, Inc.
Raven Industries (NASDAQ: RAVN) provides innovative, high-value
products and systems that solve great challenges throughout the
world. Raven is a leader in precision agriculture, high-performance
specialty films, and aerospace and defense solutions, and the
company’s groundbreaking work in autonomous systems is unlocking
new possibilities in areas like farming, national defense, and
scientific research. Since 1956, Raven has designed, produced, and
delivered exceptional solutions, earning the company a reputation
for innovation, product quality, and unmatched service. For more
information, visit https://ravenind.com.
Forward-Looking Statements
Certain statements contained in this report are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, including statements regarding the
expectations, beliefs, intentions or strategies regarding the
future, not past or historical events. Without limiting the
foregoing, the words "anticipates," "believes," "expects,"
"intends," "may," "plans," "should," "estimate," "predict,"
"project," "would," "will," "potential," and similar expressions
are intended to identify forward-looking statements. However, the
absence of these words or similar expressions does not mean that a
statement is not forward-looking. The Company intends that all
forward-looking statements be subject to the safe harbor provisions
of the Private Securities Litigation Reform Act.
Although the Company believes that the expectations reflected in
such forward-looking statements are based on reasonable assumptions
when made, there is no assurance that such assumptions are correct
or that these expectations will be achieved. Assumptions involve
important risks and uncertainties that could significantly affect
results in the future. This includes the risk of the occurrence of
any event, change, or other circumstance that could delay or
prevent closing of the proposed transaction, or the merger, or give
rise to the termination of the Agreement and Plan of Merger between
the Company and CNH Industrial N.V. In addition, other risks and
uncertainties include, but are not limited to, those relating to
weather conditions, which could affect sales and profitability in
some of the Company's primary markets, such as agriculture and
construction and oil and gas drilling; or changes in raw material
availability, commodity prices, competition, technology or
relationships with the Company's largest customers, risks and
uncertainties relating to the impacts of the COVID-19 pandemic,
development of new technologies to satisfy customer requirements,
possible development of competitive technologies, ability to scale
production of new products without negatively impacting quality and
cost, risks of operating in foreign markets, risks relating to
acquisitions, including risks of integration or unanticipated
liabilities or contingencies, and ability to finance investment and
net working capital needs for new development projects, any of
which could adversely impact any of the Company's product lines,
risks of litigation, as well as other risks described in Item 1A.,
Risk Factors, of the Company's Annual Report on Form 10-K for the
fiscal year ended January 31, 2021. The foregoing list is not
exhaustive and the Company disclaims any obligation to subsequently
revise any forward-looking statements to reflect events or
circumstances after the date of such statements. Past financial
performance may not be a reliable indicator of future performance
and historical trends should not be used to anticipate results or
trends in future periods.
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version on businesswire.com: https://www.businesswire.com/news/home/20210915005950/en/
Jared Stearns, Investor Relations Manager Raven Industries, Inc.
+1 (605) 336-2750 jared.stearns@ravenind.com
Lisa McElrath, Corporate Communications Manager Raven Industries
+1 (605) 336-2750 lisa.mcelrath@ravenind.com
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