Leading Proxy Advisory Firm ISS Recommends CommScope Stockholders Vote "FOR" Merger With The Carlyle Group
CommScope, Inc. (NYSE: CTV), a global leader in infrastructure solutions for communications networks, today announced that ISS, the leading independent proxy advisory service, recommends that CommScope stockholders vote “FOR” the company’s proposed merger with an affiliate of global alternative asset manager The Carlyle Group at the special meeting of stockholders, scheduled for December 30, 2010. The recommendations of ISS are relied upon by hundreds of major institutional investment firms, mutual funds and other fiduciaries throughout the country.
“ISS’ recommendation confirms our board of directors’ unanimous view that the transaction with Carlyle delivers significant cash value and is in the best interests of CommScope and all of our stockholders,” said Frank Drendel, chairman of the board and chief executive officer, CommScope. “We urge all CommScope stockholders to vote ‘FOR’ the proposed transaction with Carlyle today so that their votes can be counted at the upcoming special meeting.”
CommScope also announced today that the proposed merger with Carlyle has received clearance from the European Commission and South Africa. As previously noted in the company’s definitive proxy materials that were filed with the Securities and Exchange Commission on December 6, 2010, the proposed transaction with Carlyle has received regulatory clearance in Russia. Additionally, as previously announced, the Federal Trade Commission and the Antitrust Division of the U.S. Department of Justice granted early termination of the waiting period under Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the merger. The transaction remains subject to antitrust clearance in the People’s Republic of China and approval of CommScope stockholders, as well as other customary closing conditions, and is expected to close in the first quarter of 2011.
CommScope noted that the 30-calendar day waiting period in the People’s Republic of China for review of the company’s specific Chinese antitrust filings has commenced and is expected to conclude in early January.
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