Florida-based Liberator Medical Holdings Inc. disclosed recently that advisory firms have counseled the firm’s shareholders to vote in favor of a merger with C. R. Bard Inc. at its upcoming Jan. 20 shareholder meeting.
"A vote for this proposal is warranted given the one-day and two-month premium of 25.9 percent and 28.8 percent, respectively, the robust sales process conducted by [Liberator], and the certainty of value offered by the all-cash merger consideration," stated Institutional Shareholder Services Inc. (ISS), an independent consultancy specializing in proxy voting and corporate governance.
Glass, Lewis & Co. LLC, an advocate for engagement among investors and corporations, also recommended a pro vote for stakeholders in the Stuart, Florida medical supply firm, stating that the combined assets would be, essentially more than the sum of the parts. C. R. Bard Inc. specializes in vascular, urology, oncology and surgical devices.
“Taking these analyses together in the aggregate, we believe that the proposed merger consideration is financially fair and reasonable to [Liberator's] shareholders,” Glass Lewis said. “Based on these factors, the unanimous support of the board, and absent a higher competing offer, we believe that the proposed merger warrants shareholder support at this time. Accordingly, we recommend that the shareholders vote for this proposal."
Liberator President and CEO Mark Libratore expressed satisfaction with the advice of his firm’s consultants.
"We are pleased that both ISS and Glass Lewis, two leading proxy advisory firms, recognize that, as a result of a robust sales process, this acquisition represents the best opportunity to realize substantial value for our shareholders,” Libratore said. “We urge all of Liberator's shareholders to follow the recommendation of both ISS and Glass Lewis by voting for the adoption of the merger agreement."
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