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Advisory firms endorse Restoration Hardware merger; shareholders to vote June 12
By Lisa Kerner
Charlotte, N.C., June 2 - Restoration Hardware, Inc. said proxy advisory firms RiskMetrics Group/ISS and Glass Lewis & Co. have recommended that stockholders vote in favor of the company's merger agreement with affiliates of Catterton Partners at a special meeting on June 12.
The merger requires approval by holders of two-thirds of Restoration Hardware's outstanding shares.
"Both of these leading proxy advisory firms recognized the substantial premium value that the transaction will provide our stockholders," Raymond C. Hemmig, chairman of the independent committee of Restoration Hardware's board of directors, said in a company news release.
Restoration Hardware's proxy solicitor is MacKenzie Partners, Inc. (800 322-2885).
In January, affiliates of Catterton, a Greenwich, Conn., private equity firm, amended their agreement with Restoration Hardware, lowering the per-share offer price to $4.50 in cash from $6.70.
Restoration Hardware is a Corte Madera, Calif.-based specialty retailer.
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