Warrendale, Pa. – Two independent proxy voting advisory firms, Institutional Shareholder Services (ISS) and Glass Lewis & Co., have both recommended that rue21 shareholders vote for a proposed acquisition by Apax Partners. As previously announced on May 23, 2013, rue21 entered into a definitive agreement under which funds advised by Apax Partners will acquire all outstanding shares of rue21 for $42 per share in cash.
The SKM II funds, which collectively own approximately 30% of the outstanding shares of rue21, have entered into a support agreement to vote their shares in favor of the transaction with Apax Partners. The transaction with Apax Partners is subject to approval of stockholders, including a majority of the rue21 stockholders unaffiliated with the SKM II funds and certain other specified stockholders, as well as other customary closing conditions.
A special meeting of rue21's stockholders to consider and vote on the acquisition is scheduled to be held on Sept. 19 at the company’s headquarters in Warrendale. rue21 stockholders of record as of the close of business on Aug. 5, 2013 will be entitled to vote.