Both ISS and Glass Lewis Recognize Transaction’s Sound Strategic
and Financial Rationale
GARDEN CITY, N.Y.--(BUSINESS WIRE)--Feb. 9, 2018--
Lifetime Brands, Inc. (NasdaqGS:LCUT) (“Lifetime”), a leading global
provider of branded kitchenware, tableware and other products used in
the home, today announced that Institutional Shareholder Services Inc.
(“ISS”) and Glass Lewis, two leading independent proxy voting advisory
firms, have recommended that Lifetime stockholders vote FOR
the issuance of the shares of Lifetime common stock contemplated in
connection with the consummation of Lifetime’s previously announced
acquisition of Filament Brands (“Filament”). The proposed share issuance
will be voted upon at Lifetime’s Special Meeting of Stockholders (the
“Special Meeting”) scheduled to be held at Lifetime’s office at 1000
Stewart Avenue, Garden City, New York 11530, on February 28, 2018 at
10:30 a.m. (Eastern Time).
In ISS’ February 7, 2018 report where it concluded that Lifetime
stockholders should vote FOR the
contemplated share issuance, ISS concluded that “support for the
transaction is warranted, due to the sound strategic rationale,
potential synergies, and expected strong earnings per share accretion.”
Like ISS, Glass Lewis, in reaching its conclusions in its February 8,
2018 report where it concluded that Lifetime stockholders should vote FOR
the contemplated share issuance, noted the financial and strategic
rationale for the transaction.
Commenting on the ISS and Glass Lewis reports and the favorable
recommendations, Jeffrey Siegel, Lifetime’s Chairman and Chief Executive
Officer, said “We are very pleased that ISS and Glass Lewis have
recommended that our stockholders vote FOR
the share issuance contemplated by our acquisition of Filament. We are
also pleased that in making the recommendations, ISS and Glass Lewis
recognized the transaction’s sound strategic and financial basis. By
acquiring Filament, we believe we are creating a stronger company with
increased scale, new sales opportunities and a world-class leadership
team. We continue to make progress towards completing the transaction in
the first half of 2018 and look forward to delivering the value that we
believe is inherent in this transaction to all of our stockholders,
customers and employees. We strongly urge all our stockholders to follow
the recommendations of ISS and Glass Lewis and vote TODAY FOR
the share issuance contemplated by our acquisition of Filament.”
Lifetime reminds stockholders that their vote is important regardless of
how many Lifetime common shares they own. The Board of Directors of
Lifetime unanimously recommends that Lifetime stockholders vote FOR
the share issuance contemplated in connection with the consummation of
Lifetime’s acquisition of Filament.
Lifetime has engaged Georgeson as its proxy solicitor in connection with
the upcoming Special Meeting and asks all stockholders to contact
Georgeson with any questions or for assistance with voting. Georgeson
can be reached by telephone at toll free 866-775-2705.
About Lifetime Brands, Inc.
Lifetime Brands, Inc.Lifetime Brands is a leading global provider of
kitchenware, tableware and other products used in the home. Lifetime
markets its products under well-known kitchenware brands, including
Farberware®, KitchenAid®, Sabatier®, Amco Houseworks®, Chicago™
Metallic, Copco®, Fred® & Friends, Kitchen Craft®, Kamenstein®, Kizmos™,
MasterClass®, Misto®, Mossy Oak®, Swing-A-Way® and Vasconia®; respected
tableware and giftware brands, including Mikasa®, Pfaltzgraff®, Fitz and
Floyd®, Creative Tops®, Empire Silver™, Gorham®, International® Silver,
Kirk Stieff®, Towle® Silversmiths, Tuttle®, Wallace®, Wilton Armetale®,
V&A® and Royal Botanic Gardens Kew®; and valued home solutions brands,
including Bombay®, BUILT NY® and Debbie Meyer®. Lifetime also provides
exclusive private label products to leading retailers worldwide.
Lifetime’s corporate website is www.lifetimebrands.com.
Additional Information and Where to Find It
Certain aspects of the contemplated acquisition of Filament are being
submitted to Lifetime’s stockholders for their consideration. In
connection with the contemplated transaction, Lifetime has filed a proxy
statement for Lifetime’s stockholders with the SEC, and has mailed the
proxy statement to its stockholders and filed other documents regarding
the contemplated transaction with the SEC. Lifetime urges investors and
stockholders to read the proxy statement, as well as other documents
filed with the SEC, carefully and in their entirety, because they will
contain important information. Investors and security holders may
receive the proxy statement and other documents free of charge at the
SEC’s web site, http://www.sec.gov.
These documents can also be obtained free of charge from Lifetime upon
written request to the Corporate Secretary, Lifetime Brands, Inc., 1000
Stewart Avenue, Garden City, NY 11530.
Participants in Solicitation
Lifetime and its directors and executive officers and other members of
management and employees are deemed to be participants in the
solicitation of proxies from Lifetime’s stockholders in connection with
the contemplated acquisition of Filament. Information regarding the
persons who may, under the rules of the SEC, be so deemed participants
are set forth in the proxy statement filed with the SEC on January 24,
2018. You can also find information about Lifetime’s executive officers
and directors in its definitive proxy statement for its 2017 Annual
Meeting of Stockholders, which was filed with the SEC on May 1, 2017.
You can obtain free copies of such definitive proxy statement using the
contact information above.
Disclaimer
Lifetime has neither sought nor obtained the consent from any third
party to use any statements or information contained in this press
release that have been obtained or derived from statements made or
published by such third parties. Any such statements or information
should not be viewed as indicating the support of such third parties for
the views expressed herein.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180209005310/en/
Source: Lifetime Brands, Inc.
Lifetime Brands, Inc.:
Laurence Winoker, 516-203-3590
Chief
Financial Officer
investor.relations@lifetimebrands.com
or
Joele
Frank, Wilkinson Brimmer Katcher
Dan Katcher / Alyssa Cass / Andrew
Squire, 212-355-4449
