ISS and Glass Lewis Recommend Cholestech Stockholders Vote 'FOR' Merger

Tuesday, September 11, 2007 General News
Email Print This Page Comment bookmark
Font : A-A+

HAYWARD, Calif., Sept. 10 Cholestech Corporation(Nasdaq: CTEC) today announced that Institutional Shareholder Services (ISS)and Glass Lewis, two leading independent proxy advisory firms, recommendedthat Cholestech stockholders vote "FOR" the merger transaction betweenCholestech and Inverness Medical Innovations, Inc. (Amex: IMA) and Iris MergerSub, Inc., a wholly owned subsidiary of Inverness. Cholestech stockholdersshould vote promptly so that their votes can be counted at the company'sSeptember 12, 2007 Special Meeting of Stockholders.

"We are very pleased that ISS and Glass Lewis have confirmed our board ofdirectors' view that this transaction is in the best interests of ourstockholders," said Warren E. Pinckert II, Cholestech's President and CEO.

Stockholders of record as of the close of business on August 1, 2007, areentitled to vote on the proposed merger. Under the terms of the mergeragreement, as announced on June 4, 2007, Cholestech stockholders will receive.43642 shares of Inverness common stock per share after closing.

Cholestech's board of directors has carefully reviewed and considered theterms and conditions of the merger agreement. Based on its review,Cholestech's board of directors has unanimously determined that the merger isadvisable, fair and in the best interests of Cholestech and its stockholdersand recommends that stockholders vote for approval of the principal terms ofthe merger and for the adjournment proposal.

Cholestech urges all stockholders to vote "FOR" the merger transaction,consistent with the recommendations of ISS, Glass- Lewis and Cholestech'sboard of directors.

Since approval of the merger requires the affirmative vote of at least amajority of the outstanding shares, each Cholestech stockholder's vote isextremely important, regardless of the number of shares owned. A failure tovote will have the same effect as a vote against the transaction.

Cholestech stockholders should vote by telephone or by Internet byfollowing the easy instructions on the proxy card, or by signing, dating andreturning the proxy card promptly to ensure their shares are voted.

Cholestech's Special Meeting of Stockholders will be held on September 12,2007 at 10:00 a.m., local time, at Cholestech's executive offices at 3347Investment Boulevard, Hayward, California 94545.

About Cholestech

Cholestech is committed to enabling people to lead longer, healthier andmore active lives. Cholestech provides easy to use, accessible diagnostictools and information to health care practitioners in over 35 countries aroundthe world. Cholestech offers efficient and economic diagnostic testing forcholesterol and related lipids, blood glucose and glycemic control, and liverenzymes at the point of care. Health care providers can use the CLIA-waivedCholestech LDX(R) and GDX(TM)* Systems and the hs-CRP test, which is clearedby the FDA for use in moderate complexity labs, to initiate and monitor theprogress of patient therapy. By providing effective disease managementsolutions, Cholestech's goal is to be a leading provider of diagnostic toolsand information for immediate risk assessment and therapeutic monitoring ofheart disease, inflammatory disorders and diabetes. *The GDX system is 510(k)cleared for prescription home use and, accordingly, is CLIA waived.

Cholestech LDX is a registered trademark and Cholestech GDX is a trademarkof Cholestech Corporation. All other trademarks mentioned in this document arethe property of their respective owners. For more information about Cholestechand its products visit us on the web at

About Inverness

By developing new capabilities in near-patient diagnosis, monitoring andhealth management, Inverness Medical Innovations enables individuals to takecharge of improving their health and quality of life. A global leader in

Post your Comments

Comments should be on the topic and should not be abusive. The editorial team reserves the right to review and moderate the comments posted on the site.
* Your comment can be maximum of 2500 characters
I agree to the terms and conditions

News A - Z


News Search

Medindia Newsletters

Subscribe to our Free Newsletters!

Terms & Conditions and Privacy Policy.

Find a Doctor

Press Release Category

Press Release Archive

Stay Connected

  • Available on the Android Market
  • Available on the App Store