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.
Glass Lewis' report is a resounding vote in favor of MGP and the actions its independent directors and management team are taking to deliver value to all stockholders. Glass Lewis is an independent third party trusted by over 900 clients, including pension plans, mutual funds and asset managers that collectively manage more than $15 trillion in assets, to provide unbiased advice in contested proxy contests. Their clear support of MGP's director nominees highlights the importance of keeping independent voices on the MGP Board to protect the interests of common stockholders and is another reason stockholders should vote the WHITE proxy card.
In their report dated August 9, 2013, Glass Lewis clearly indicates its support for MGP's director nominees (emphasis added):
"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: