Arbor Memorial Services Inc. Announces Glass, Lewis & Co. Recommends Shareholders Vote for the Proposed All Cash Offer of $32.00 Per Share
TORONTO, Nov. 6, 2012 /CNW/ - Arbor Memorial Services Inc. (TSX: ABO.A, ABO.B) ("Arbor") announced today that Glass, Lewis & Co., a leading independent investment research and proxy advisory firm, serving institutional investors globally, has published a report recommending that shareholders vote FOR the special resolution approving the plan of arrangement between Arbor and 2341599 Ontario Limited, a company sponsored by a group of existing shareholders of Arbor comprised of Scanfield Holdings Ltd., Fairfax Financial Holdings Limited and JC Clark Ltd. (or their respective affiliates).
Glass, Lewis & Co. stated, "In our opinion, the agreement provides public shareholders with immediate liquidity and certainty of value in exchange for their shares and the Public Class A and Class B Shareholders are being treated equally under the agreement. Notably, the proposed consideration represents a significant long-term equity premium and a three-year high for investors. Accordingly, we recommend that shareholders vote FOR this proposal."
The recommendation from Glass, Lewis & Co. is consistent with the recommendation of ISS Proxy Advisory Services, an independent global proxy advisory services firm which also recommended that shareholders vote FOR the proposal. That recommendation was the subject of a press release from Arbor dated October 18, 2012.
A special meeting of Arbor's shareholders is currently scheduled to be held at The Old Mill in the Guildhall Room, 21 Old Mill Road, Toronto, Ontario M8X 1G5 on November 16, 2012 commencing at 10:00 a.m. (Eastern time) to consider the transaction.
Shareholders are urged to carefully read the information circular dated October 5, 2012 that was mailed to them in connection with the transaction. Proxies must be received no later than 10:00 a.m. (Eastern time) on the day which is two business days preceding the date of the meeting or any adjournments or postponements thereof. Shareholders who have questions regarding the contents of the information circular or require assistance in completing their forms of proxy are urged to contact The Laurel Hill Advisory Group toll-free at 1-877-452-7184 or via email at email@example.com.
Arbor Memorial Services Inc. owns 41 cemeteries, 27 crematoria, 8 reception centres located on cemetery premises and 83 funeral homes in eight provinces of Canada.
Cautionary statement regarding forward looking statements and information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws, including statements regarding the completion of the transaction, the holding of a shareholder meeting and other information that is not historical fact. Forward-looking information is not a guarantee of future performance, given that it involves risks and uncertainties. Except as required by law, Arbor does not assume and expressly renounces any obligation to update any forward-looking information, which are only applicable on the date on which they were made. Additionally, Arbor undertakes no obligation to comment on expectations of, or statements made by, third parties in respect of the transaction.
SOURCE Arbor Memorial Services Inc.