Superior Industries Announces Preliminary Results of 2015 Annual Meeting
By Business Wire News
Superior Industries International, Inc. (NYSE:SUP), the largest manufacturer of aluminum wheels for passenger cars and light-duty vehicles in North America, today reported that, based on a preliminary vote count provided by Superior’s proxy solicitor, all seven of Superior’s director nominees—Margaret S. Dano, Jack A. Hockema, Paul J. Humphries, James S. McElya, Timothy C. McQuay, Donald J. Stebbins and Francisco S. Uranga—were re-elected to Superior’s Board of Directors at the 2015 Annual Meeting of Shareholders held earlier today. Final certified voting results are expected to be made publicly available later this week.
Superior issued the following statement commenting on the 2015 Annual Meeting’s results:
“We appreciate the strong support of our shareholders and look forward to being able to move beyond the distraction of the third consecutive proxy contest that GAMCO has unsuccessfully waged against us and return our full attention to our continuing efforts to transform Superior into a stronger, more efficient global competitor and enhance value for all shareholders.”
At a meeting where more than 92% of Superior’s approximately 27 million outstanding shares were represented, all of Superior’s director nominees received overwhelming support from shareholders and were re-elected with extremely wide margins. Excluding shares voted by GAMCO or its affiliates, all of GAMCO’s nominees received votes equating to less than 3% of the outstanding shares. The final tabulation of results will be completed by the independent tabulation and voting certification firm IVS Associates, Inc., which served as the Independent Inspector of Elections.
Superior also announced that its shareholders approved Superior’s proposal to reincorporate itself in the State of Delaware. Superior expects to complete its reincorporation by the end of this month. The reincorporation will not require any action by shareholders. At the effective time of the reincorporation, each outstanding share of Superior’s common stock will be automatically converted into one share of common stock of a newly-formed Delaware entity that will be renamed “Superior Industries International, Inc.” and each stock certificate representing issued and outstanding shares of the “old” California-domiciled Superior will represent the same number of shares of the “new” Delaware-domiciled Superior.
Further details regarding the results of the 2015 Annual Meeting will be contained in a Current Report on Form 8-K that Superior will be filing with the Securities and Exchange Commission (SEC). This filing will be available at no charge at the SEC’s web site at www.sec.gov. Copies will also be available at no charge at the Investor Relations section of our corporate website at www.supind.com.
Superior was advised in connection with the proxy contest by Winston & Strawn, LLP and Morgan, Lewis & Bockius LLP. Mackenzie Partners, Inc. served as Superior’s proxy solicitor.
About Superior Industries
Headquartered in Southfield, Michigan, Superior is the largest manufacturer of aluminum wheels for passenger cars and light-duty vehicles in North America. From its plants in the U.S. and Mexico, the company supplies aluminum wheels to the original equipment market. Major customers include BMW, FCA, Ford, General Motors, Mitsubishi, Nissan, Subaru, Tesla, Toyota and Volkswagen. For more information, visit www.supind.com.
Investor Relations Line:
Kerry Shiba, Executive Vice President & Chief Financial Officer, (818) 781-4973
Nathan Elwell, (312) 553-6706
MacKenzie Partners, Inc.
Jeanne Carr, (800) 322-2885