DOWNERS GROVE, Ill.--(BUSINESS WIRE)--Dec. 7, 2018--
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20181207005067/en/
Source: Roadrunner Transportation Systems, Inc.
Innisfree M&A Incorporated
Scott Winter / Jonathan Salzberger