READING, Pa., Sept. 26 /PRNewswire-FirstCall/ -- Arrow International, Inc. announced today the final tabulation of votes at its Annual Meeting of Shareholders held on September 20, 2007.
-- Proposal 1 -- Shareholders voted to adopt the merger agreement with
Teleflex Incorporated, with 99.8 percent of votes cast voting to
approve the merger agreement. Approval of the merger agreement
required a positive vote of a majority of shares voting on this
proposal. The receipt of this shareholder vote satisfies the final
condition necessary prior to closing the merger.
-- Proposal 2 -- All of Arrow's director nominees were re-elected, with
each receiving affirmative votes from in excess of 61.5 percent of
-- Proposal 3 -- Shareholders ratified the appointment of
PricewaterhouseCoopers LLP as the Company's independent accounting firm
with 99.8 percent of votes cast.
-- Proposal 4 -- Shareholders defeated a proposed age limit for directors
with 69.0 percent of the votes cast voting against the proposal.
As previously announced on July 23, 2007, Teleflex and Arrow entered into a definitive merger agreement, which was unanimously approved by both companies' Boards of Directors and provides for the payment to Arrow shareholders of $45.50 per share in cash without interest for each outstanding share of their Arrow common stock, representing a premium to shareholders of approximately 38.6% over the closing price of Arrow common stock on May 8, 2007, the last full trading day before the announcement of the Company's decision to explore strategic alternatives.
Arrow develops, manufactures and markets a broad range of clinically advanced, disposable catheters and related products for critical and cardiac care. The company's products are used primarily by anesthesiologists, critical care specialists, surgeons, emergency and trauma physicians, cardiologists, interventional radiologists and other healthcare providers. Arrow's news releases and other company information can be found on the World Wide Web at http://www.arrowintl.com . Arrow's common stock trades on the NASDAQ Global Select Market(SM) under the symbol ARRO.
Arrow International, Inc.
CONTACT: Frederick J. Hirt, CFO of Arrow International, Inc.,+1-610-478-3117