ISS Recommends That Duratek, Inc. Stockholders Vote ''FOR'' The Proposed Merger With EnergySolutions, LLC.
May 24 2006 - 7:00AM
Business Wire
Duratek, Inc. (NASDAQ: DRTK) today announced that Institutional
Shareholder Services (ISS) has recommended that Duratek
stockholders vote FOR the proposed merger with EnergySolutions, LLC
at Duratek's June 6, 2006 special meeting of stockholders. ISS is
the leading independent U.S. proxy advisory firm, and its voting
analyses and recommendations are relied upon by hundreds of major
institutional investment funds, mutual funds, and fiduciaries
throughout the country. As Duratek noted in its definitive proxy
statement mailed to stockholders last month, the Duratek Board of
Directors unanimously recommends that stockholders vote FOR the
merger proposal. "We are pleased with the ISS recommendation of our
proposed merger with EnergySolutions," said Robert E. Prince,
Duratek's President and Chief Executive Officer. "We believe that
the ISS recommendation confirms our Board's unanimous conclusion
that the proposed EnergySolutions merger is the best alternative
for maximizing value for Duratek and its stockholders." On February
6, 2006, Duratek and EnergySolutions entered into a definitive
merger agreement under which EnergySolutions would acquire all of
the outstanding common stock of Duratek for $22.00 cash per share.
The waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended, in connection with
EnergySolutions' proposed acquisition of Duratek, has ended.
Duratek has received all regulatory approvals required for closing
the merger. The transaction is scheduled to close promptly after
the special meeting to be held on June 6, 2006. Duratek urges all
stockholders who have not already done so to vote FOR the merger
proposal by signing, dating and returning their proxy cards today.
Duratek stockholders who have questions or need assistance in
voting their shares may call Diane Brown, Vice President - Investor
Relations, at 410-312-5100 or Duratek's proxy solicitor, Georgeson
Shareholder Communications, Inc., at 800-868-1381. About Duratek
Duratek provides safe, secure radioactive materials disposition and
nuclear facility operations for commercial and government
customers. About EnergySolutions EnergySolutions provides services
and solutions to the nuclear energy industry. The company has the
technical expertise and state-of-the-art resources to safely and
responsibly handle the nuclear waste management process. Cautionary
Note Regarding Forward-Looking Statements This press release
contains forward-looking statements that involve risks and
uncertainties concerning EnergySolutions' proposed acquisition of
Duratek, Inc., including the timing of the special meeting of
Duratek stockholders and the expected completion of the proposed
merger. Actual events or results may differ materially from those
described in this press release due to a number of risks and
uncertainties. The potential risks and uncertainties include, among
others, the possibility that the transaction will not close or that
the closing may be delayed. Readers should also refer to the risk
factors described in Duratek's filings with the Securities and
Exchange Commission, including Duratek's most recently filed Form
10-Q, as well as the risk factors contained in the definitive proxy
statement relating to the proposed merger with EnergySolutions.
Duratek assumes no obligation to update the information in this
release. Additional Information About the Merger and Where to Find
It Duratek has filed with the Securities and Exchange Commission a
definitive proxy statement and other documents regarding the
proposed business combination referred to in the foregoing
information. Investors are urged to read the proxy statement
because it contains important information. This proxy statement has
been sent to Duratek's stockholders seeking their approval of the
transaction. Investors may obtain a free copy of the proxy
statement and other documents filed by Duratek with the Commission
at the Commission's website at www.sec.gov, or by directing a
request to: Diane Brown, Corporate Secretary, Duratek, Inc., 10100
Old Columbia Road, Columbia, Maryland 21046. Ms. Brown can be
reached at 410-312-5100.
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