ISS and Glass Lewis Recommend Approval of ITT/EDO Merger
December 10 2007 - 3:10PM
Business Wire
Institutional Shareholder Services (ISS)�and Glass Lewis, two
leading independent proxy advisory firms, have recommended that
shareholders of EDO Corporation (NYSE: EDO) vote for the merger
with ITT Corporation (NYSE: ITT). Both advisory firms concluded
that the financial terms of the merger were fair to EDO�s
shareholders. �I believe that the decisions of these independent
experts confirm the carefully-considered view of our board of
directors that this transaction is in the best interest of our
shareholders,� said James M. Smith, EDO�s chief executive officer.
�Combined, EDO and ITT will create an exciting company, with new
opportunities for our customers and employees. I urge all of our
shareholders to vote for the merger.� The special meeting of
shareholders is scheduled for Tuesday, December 18, at 10:00 a.m.
in New York City. Shareholders who need a copy of the proxy
materials may contact our proxy solicitation agent, Georgeson, toll
free at 877-255-0125. EDO Corporation designs and manufactures a
diverse range of products for aerospace, defense, intelligence, and
commercial markets. Major product groups include: Professional and
Engineering Services, Defense Electronics, Communications, Aircraft
Armament Systems, Undersea Warfare, and Integrated Composite
Structures. EDO�s advanced systems are at the core of the
transformation to lighter, faster, and smarter defense
capabilities. With headquarters in New York, EDO Corporation
employs 4,000 people worldwide. The company was founded in 1925 and
had revenues of $715 million in 2006. Disclaimer This communication
is being made in respect of the proposed merger involving EDO and
ITT Corporation. In connection with the proposed merger, EDO filed
a definitive proxy statement with the U.S. Securities and Exchange
Commission (the �SEC�), a copy of which was mailed to the
shareholders of EDO. Before making any voting decision, EDO�S
SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER
RELEVANT DOCUMENTS FILED BY EDO WITH THE SEC REGARDING THE MERGER
CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED MERGER. EDO�s shareholders may
obtain, without charge, a copy of the proxy statement and other
relevant documents filed with the SEC from the SEC�s website at
www.sec.gov. EDO�s shareholders may obtain, without charge, a copy
of the proxy statement and other relevant documents by directing a
request by mail or telephone to EDO Corporation, 60 East 42nd
Street, 42nd Floor, New York, NY 10165, telephone: 212-716-2000, or
from EDO�s website, www.edocorp.com. EDO and its directors and
executive officers may be deemed to be participants in the
solicitation of proxies from EDO�s shareholders with respect to the
proposed merger. Information regarding EDO�s directors and
executive officers and their ownership of EDO common stock is set
forth in EDO�s annual report on Form 10-K for the fiscal year ended
December 31, 2006, which was filed on March 8, 2007, and EDO�s
proxy statement for EDO�s 2007 Annual Meeting of Shareholders,
which was filed on April 30, 2007. Other information regarding the
participants in the proxy solicitation and a description of their
direct and indirect interests, by security holdings or otherwise,
in the proposed merger is contained in the definitive proxy
statement and other relevant documents filed with the SEC regarding
the proposed merger.
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