ISS, Glass Lewis Recommend rue21 Holders Vote FOR Proposed Deal with Apax
rue21, inc. (NASDAQ: RUE) (“rue21”), a leading specialty apparel retailer of girls and guys apparel and accessories, today announced that the two leading independent proxy voting advisory firms, Institutional Shareholder Services (ISS) and Glass Lewis & Co., have both recommended that rue21 shareholders vote ‘FOR' the proposed acquisition by Apax Partners.
As previously announced on May 23, 2013, rue21 entered into a definitive agreement under which funds advised by Apax Partners will acquire all outstanding shares of rue21 for $42.00 per share in cash.
A special meeting of rue21's stockholders to consider and vote on the acquisition is scheduled to be held on September 19, 2013 at 9:00 a.m. Eastern Time at the Company's headquarters at 800 Commonwealth Drive, Warrendale, Pennsylvania 15086. rue21 stockholders of record as of the close of business on August 5, 2013 will be entitled to vote at the Special Meeting.
The SKM II funds, which collectively own approximately 30% of the outstanding shares of rue21, have entered into a support agreement to vote their shares in favor of the transaction with Apax Partners. The transaction with Apax Partners is subject to approval of stockholders, including a majority of the rue21 stockholders unaffiliated with the SKM II funds and certain other specified stockholders as well as other customary closing conditions.
If rue21 stockholders have questions about the Special Meeting or require assistance in voting their proxies, they should call rue21's proxy solicitor, Georgeson Inc., at 866-295-8105.
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