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In its recommendation dated September 7, 2007, Glass, Lewis stated, "Wemake this recommendation knowing that the current directors have shown greatresolve to act in shareholder's interests during a period of executive anddirector turnover. In our opinion, we believe that the incumbent directorsare best suited to manage the agreement to closure or to oversee the businessin the case that the agreement is not approved by shareholders."*
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R. James Macaleer, Chairman of the Board of Arrow International, Inc.said, "We are pleased that Glass, Lewis has advised its clients who are Arrowshareholders to vote for the $45.50 per share Teleflex merger and to supportthe election of the current Arrow Board. We encourage all shareholders tosign and return their WHITE proxy card today and to ignore the blue proxycards from the McNeil Trust."
Arrow also announced the expiration of the waiting period required underthe Hart-Scott-Rodino Antitrust Improvements Act in connection with thedefinitive agreement under which Teleflex will acquire Arrow in an all cashtransaction valued at approximately $2 billion. There are no additionalregulatory requirements that are conditions to consummating the transaction.
With this regulatory matter satisfied, the companies now expect thetransaction to close shortly following the receipt of approval of a majorityof the votes cast by all Arrow shareholders who are entitled to vote and whoare present in person or by proxy at the Arrow Annual Meeting on September 20,2007.
About Arrow:
Arrow develops, manufactures and markets a broad range of clinicallyadvanced, disposable catheters and related products for critical and cardiaccare. The company's products are used primarily by anesthesiologists, criticalcare specialists, surgeons, emergency and trauma physicians, cardiologists,interventional radiologists and other healthcare providers. Arrow's newsreleases and other company information can be found on the World Wide Web athttp://www.arrowintl.com. Arrow's common stock trades on the NASDAQ GlobalSelect Market SM under the symbol ARRO.
Caution Concerning Forward-looking information:
This press release contains forward-looking statements, including theanticipated timing for closing of the transaction. A further description ofthese risks and uncertainties and other important factors that could causeactual results to differ materially from Arrow's expectations can be foundArrow's Annual Report on Form 10-K, as amended and in Arrow's other filingswith the SEC. The expectations and assumptions reflected in such forwardlooking statements may prove incorrect. Arrow does not undertake to publiclyupdate or revise its forward-looking statements as a result of newinformation, future events, or otherwise.
Additional Information
In connection with the proposed acquisition of Arrow by TeleflexIncorporated and Arrow's 2007 Annual Meeting of Shareholders, Arrow filed adefinitive proxy statement with the SEC, on August 24, 2007 and will be filingother documents with the SEC. Prior to the Annual Meeting, Arrow will furnishthe definitive proxy statement to its shareholders, together with a WHITEproxy card. Arrow shareholders are strongly advised to carefully read Arrow'sdefinitive proxy statement.
