ISS Recommends in Favor of Roadrunner’s Rights Offering and Related Proposals
December 07 2018 - 6:00AM
Business Wire
Roadrunner Transportation Systems, Inc. ("Roadrunner" or the
"company") (NYSE: RRTS) today announced that Institutional
Shareholder Services Inc. (“ISS”), a leading independent proxy
advisory firm, has recommended that Roadrunner shareholders vote
FOR the company’s rights
offering and related proposals. Specifically, ISS recommended in
favor of the approval of the company’s rights offering, the standby
purchase agreement between the company and funds affiliated with
Elliott Management Corporation (“Elliott”) to provide a backstop
commitment, and the other proposals that are conditions to
Elliott’s obligations under the agreement.
In voicing its support for the proposals, ISS stated: “The
combination of the rights offering and the standby purchase
agreement ensures that existing common shareholders will have the
opportunity to avoid dilution of their ownership interest, while
also ensuring that the company can raise sufficient funds to redeem
the outstanding preferred shares. The board and financial advisor
Barclays Capital appear to have conducted a robust process of
soliciting interest from other potential investors and concluded
that no superior financing proposals were forthcoming.”
The company encourages its shareholders to vote in favor of all
proposals on the agenda. Shareholders who have questions, or need
assistance should contact the proxy solicitor, Innisfree M&A
Incorporated, toll-free at 1-888-750-5834.
About Roadrunner Transportation Systems, Inc.
Roadrunner Transportation Systems is a leading asset-right
transportation and asset-light logistics service provider offering
a full suite of solutions under the Roadrunner®, Active On-Demand®
and Ascent Global Logistics® brands. The Roadrunner brand offers
less-than-truckload, temperature controlled and intermodal
services. Active On-Demand offers premium mission critical air and
ground transportation solutions. Ascent Global Logistics offers
domestic freight management, retail consolidation, international
freight forwarding and customs brokerage. For more information,
please visit Roadrunner’s websites, www.rrts.com and
www.ascentgl.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20181207005067/en/
Innisfree M&A IncorporatedScott Winter / Jonathan
Salzberger212-750-5833Reputation PartnersMarilyn
Vollrath414-376-8834ir@rrts.com
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