Jacuzzi Brands Responds to Shareholder Suits Regarding Proposed Merger
October 18 2006 - 5:13PM
Business Wire
Jacuzzi Brands, Inc. (NYSE: JJZ) today announced that the Company
and each of its directors have been named as defendants in two
purported stockholder class action lawsuits filed on October 13,
2006 in the Chancery Court of the State of Delaware. The lawsuits
generally allege that the directors have breached their fiduciary
duties in connection with their actions in agreeing to the
Company�s proposed merger with a wholly owned subsidiary of Apollo
Management L.P. The complaints seek injunctive relief as well as
damages. The Company has reviewed the allegations contained in the
complaints and believes that the lawsuits are without merit. The
Company intends to vigorously defend itself against the claims.
About Jacuzzi Brands Jacuzzi Brands, Inc., through its
subsidiaries, is a global manufacturer and distributor of branded
bath and plumbing products for the residential, commercial and
institutional markets. These include whirlpool baths, spas,
showers, sanitary ware and bathtubs, as well as professional grade
drainage, water control, commercial faucets and other plumbing
products. Our products are marketed under our portfolio of brand
names, including JACUZZI�, SUNDANCE�, ZURN�, and ASTRACAST�. Learn
more at www.jacuzzibrands.com. Disclosure Concerning
Forward-Looking Statements Any forward-looking statements made
within this release, including the Company�s current expectations
with respect to the completion of the proposed transaction, future
market conditions, future operating results and other plans,
represent management�s best judgment as to what may occur in the
future and are intended to fall within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as �expects,�
�intends,� �plans,� �projects,� �believes,� �estimates,� �may,�
�will,� �should,� �shall,� and similar expressions typically
identify such forward-looking statements. Even though the Company
believes the expectations reflected in such forward-looking
statements are based on reasonable assumptions, it can give no
assurance that its expectations will be attained. In particular,
various economic and competitive factors, including those outside
our control, such as interest rates, foreign currency exchange
rates, inflation rates, instability in domestic and foreign
financial markets, terrorist acts, consumer spending patterns,
energy costs and availability, freight costs, availability of
consumer and commercial credit, adverse weather, levels of
residential and commercial construction, and changes in raw
material and component costs, and the credit worthiness of our
customers, insurers, and investees, and other factors contained in
the Company�s filings with the Securities and Exchange Commission
could cause our actual results during the remainder of 2006 and in
the future years, and other future expectations to differ
materially from those expressed in this press release. Jacuzzi
Brands, Inc. (NYSE: JJZ) today announced that the Company and each
of its directors have been named as defendants in two purported
stockholder class action lawsuits filed on October 13, 2006 in the
Chancery Court of the State of Delaware. The lawsuits generally
allege that the directors have breached their fiduciary duties in
connection with their actions in agreeing to the Company's proposed
merger with a wholly owned subsidiary of Apollo Management L.P. The
complaints seek injunctive relief as well as damages. The Company
has reviewed the allegations contained in the complaints and
believes that the lawsuits are without merit. The Company intends
to vigorously defend itself against the claims. About Jacuzzi
Brands Jacuzzi Brands, Inc., through its subsidiaries, is a global
manufacturer and distributor of branded bath and plumbing products
for the residential, commercial and institutional markets. These
include whirlpool baths, spas, showers, sanitary ware and bathtubs,
as well as professional grade drainage, water control, commercial
faucets and other plumbing products. Our products are marketed
under our portfolio of brand names, including JACUZZI(R),
SUNDANCE(R), ZURN(R), and ASTRACAST(R). Learn more at
www.jacuzzibrands.com. Disclosure Concerning Forward-Looking
Statements Any forward-looking statements made within this release,
including the Company's current expectations with respect to the
completion of the proposed transaction, future market conditions,
future operating results and other plans, represent management's
best judgment as to what may occur in the future and are intended
to fall within the meaning of the Private Securities Litigation
Reform Act of 1995. Words such as "expects," "intends," "plans,"
"projects," "believes," "estimates," "may," "will," "should,"
"shall," and similar expressions typically identify such
forward-looking statements. Even though the Company believes the
expectations reflected in such forward-looking statements are based
on reasonable assumptions, it can give no assurance that its
expectations will be attained. In particular, various economic and
competitive factors, including those outside our control, such as
interest rates, foreign currency exchange rates, inflation rates,
instability in domestic and foreign financial markets, terrorist
acts, consumer spending patterns, energy costs and availability,
freight costs, availability of consumer and commercial credit,
adverse weather, levels of residential and commercial construction,
and changes in raw material and component costs, and the credit
worthiness of our customers, insurers, and investees, and other
factors contained in the Company's filings with the Securities and
Exchange Commission could cause our actual results during the
remainder of 2006 and in the future years, and other future
expectations to differ materially from those expressed in this
press release.
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