Proxy Governance is Recommending Arrow Int'l (ARRO) Shareholders Vote to Approve Merger With Teleflex (TFX)
Arrow International, Inc. (Nasdaq: ARRO) reported that Proxy Governance, Inc. an independent proxy voting advisory firm, has advised its clients to vote to approve Arrow's planned $45.50 merger with Teleflex Incorporated (NYSE: TFX) and for the re-election of Arrow's current Board of Directors at the Annual Meeting of Arrow shareholders on September 20, 2007.
R. James Macaleer, Chairman commented, "We are pleased with the universal support for the Teleflex merger that we have received from four leading proxy advisory firms. We are also pleased that Glass Lewis, Proxy Governance, and Egan Jones also support the re-election of the full Board of Directors. However, we think that ISS is introducing unnecessary uncertainty into the voting process by recommending that shareholders support two McNeil Trust nominees and withhold votes from five McNeil Trust nominees. We believe that any change in the composition of the Board at this point could be detrimental to the timely completion of the Teleflex merger. We strongly believe that shareholders will benefit by voting for all of Arrow's director nominees. This Board is fully committed to completing the Teleflex transaction and acting in the best interests of all shareholders."
R. James Macaleer, Chairman commented, "We are pleased with the universal support for the Teleflex merger that we have received from four leading proxy advisory firms. We are also pleased that Glass Lewis, Proxy Governance, and Egan Jones also support the re-election of the full Board of Directors. However, we think that ISS is introducing unnecessary uncertainty into the voting process by recommending that shareholders support two McNeil Trust nominees and withhold votes from five McNeil Trust nominees. We believe that any change in the composition of the Board at this point could be detrimental to the timely completion of the Teleflex merger. We strongly believe that shareholders will benefit by voting for all of Arrow's director nominees. This Board is fully committed to completing the Teleflex transaction and acting in the best interests of all shareholders."
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