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ISS advises Kemet holders to vote for merger

Kemet (NYSE:KEM) announces that proxy advisor Institutional Shareholder Services recommends that shareholders vote in favor of the all-cash acquisition by Yageo.

ISS: “Support for the merger is warranted in light of the premium to the unaffected price, the reasonably thorough sale process, and the liquidity and certainty of value inherent in the cash consideration.”

The advisor notes that the deal offers an 18% premium to Kemet’s unaffected price, and the company was able to negotiate a 13% consideration increase from the initial $24/share offer.

Kemet shareholders will vote on the matter on February 20.

Source: M A News on Seeking Alpha