Proxy advisory firms in favor of X-Rite proposals

By Lisa Kerner

Charlotte, N.C., Oct. 15 - X-Rite, Inc. said four proxy advisory firms have recommended that the company's shareholders vote in favor of two proposals at the special meeting at 9:30 a.m. ET on Oct. 28.

The proxy advisory firms are RiskMetrics Group/ISS, Glass Lewis & Co., Egan-Jones Proxy Services and Proxy Governance, Inc., according to an X-Rite news release.

X-Rite is proposing:

• Issuing 46,904,763 shares of its common stock to OEPX, LLC, a Delaware limited liability company managed by One Equity Partners, Sagard Capital Partners, LP and others, in exchange for $155 million in cash; and

• Approving the X-Rite 2008 Omnibus Long Term Incentive Plan.

X-Rite chief executive officer Thomas J. Vacchiano Jr. said the recommendations confirm the company's original assessment "that a revised capital structure not only provides us the solid financial foundation to fund our on-going operations, but also best serves the long-term interests of our shareholders."

Grand Rapids, Mich.-based X-Rite develops color management systems and solutions.

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