Arrow Recommends Shareholders Approve Teleflex Acquisition

Arrow International Inc. said Friday a fourth proxy advisory firm has recommended shareholders approve its $2 billion acquisition by diversified manufacturing conglomerate Teleflex Inc. Proxy Governance Inc. is advising stockholders also to reelect Arrow’s current board of directors at their annual meeting Thursday. Arrow, which provides catheter-based products for critical and cardiac care, previously received similar recommendations from Glass Lewis & Co. and Egan Jones. Institutional Shareholders Services differed slightly in its advice, recommending shareholders vote for a majority of Arrow’s board. Chairman R. James Macaleer was unhappy with ISS’s recommendation to support only two of the seven McNeil Trust nominees. “We believe that any change in the composition of the board at this point could be detrimental to the timely completion of the Teleflex merger,” he said in a statement. Arrow agreed to the Teleflex deal, which is based on a $45.50-per-share purchase price, in July. SOURCE: Forbes