Proxy Governance Recommends Restoration Hardware Stockholders Vote for Merger
Posted on: Friday, 6 June 2008, 03:00 CDT
Restoration Hardware, a specialty retailer of hardware, bathware, furniture, lighting, textiles and accessories, has announced that Proxy Governance has joined RiskMetrics Group and Glass Lewis in recommending that Restoration Hardware's stockholders vote 'for' adoption of the company's merger agreement with certain affiliates of Catterton Partners, a private equity firm, at the company's special meeting of stockholders.
Proxy Governance, RiskMetrics and Glass Lewis are independent US proxy advisory firms and their voting analyses and recommendations are reportedly relied upon by many major institutional investment funds, mutual funds and fiduciaries globally.
Restoration Hardware previously entered into a merger agreement with certain affiliates of Catterton Partners pursuant to which Restoration Hardware's stockholders will be entitled to receive $4.50 in cash for each share they own, subject to closing of the transaction.
Raymond Hemmig, chairman of the independent committee of Restoration Hardware's board of directors, said: "We are pleased that Proxy Governance, as well as RiskMetrics and Glass Lewis, support our transaction and recognize the independent committee's active role in the process. On behalf of the entire board of directors of Restoration Hardware, I urge all Restoration Hardware stockholders to vote promptly for the proposed merger."
Source: Datamonitor
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