ATCHISON, Kan., Aug. 13, 2013 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq:MGPI) (the "Company") today announced that Glass, Lewis & Co., LLC, a leading provider of proxy voting advisory services to institutions and other professional investors, recommends stockholders support MGP's current management team and Board by voting FOR the Company's director nominees on the Company's WHITE proxy card at the Company's 2013 Annual Meeting of Stockholders to be held on August 23, 2013.
"Given that the Cray family already exerts significant influence over the Company through its ownership of 92% of the preferred shares, giving it the right to elect five of the Company's nine directors, and 27.5% ownership of the common shares, we believe it is particularly important in this case for independent directors to maintain their current position. In our view, in light of recent actions, the independent directors are more likely to act in the best interests of all shareholders than is the Cray family."The Glass Lewis report goes further to address important topics that should be carefully considered by stockholders before casting their vote:
On the positive impact of MGP's management-led transformation and corresponding stock price performance: