Brief: MSC Industrial Announces Agreement With Jacobson/Gershwind Family To Exchange High-Vote Stock And Eliminate Dual Class Share Structure

MSC Industrial Direct

21/06/2023 13:54

June 21 (Reuters) - MSC Industrial Direct Co Inc
 MSM.N :
    * MSC INDUSTRIAL ANNOUNCES AGREEMENT WITH JACOBSON/GERSHWIND
FAMILY TO EXCHANGE HIGH-VOTE STOCK AND ELIMINATE DUAL CLASS
SHARE STRUCTURE
    * MSC INDUSTRIAL DIRECT: DEAL FOLLOWS JACOBSON/GERSHWIND
FAMILY'S
PREVIOUSLY DISCLOSED PROPOSAL TO EXCHANGE EACH CLASS B SHARE FOR
1.35 CLASS A SHARES
    * MSC INDUSTRIAL DIRECT CO INC - THE JACOBSON/GERSHWIND
FAMILY HAS
AGREED TO LIMIT ITS VOTING TO 15% OF SHARES OUTSTANDING
    * MSC INDUSTRIAL DIRECT CO INC: WILL BE SEEKING SHAREHOLDER
APPROVAL OF RECLASSIFICATION AT A SPECIAL MEETING OF
SHAREHOLDERS
    * MSC INDUSTRIAL DIRECT CO INC: BOARD WILL EXPLORE A SHARE
REPURCHASE TO OFFSET DILUTION FROM PROPOSED TRANSACTION
    * MSC INDUSTRIAL DIRECT CO INC: WILL ADOPT A MAJORITY OF
SHARES
OUTSTANDING STANDARD TO APPROVE SIGNIFICANT TRANSACTIONS
    * MSC INDUSTRIAL DIRECT CO INC: WILL ADOPT MAJORITY OF VOTES
CAST
STANDARD FOR UNCONTESTED BOARD ELECTIONS
    * MSC INDUSTRIAL DIRECT -ANY SHARES JACOBSON/GERSHWIND
FAMILY OWNS
IN EXCESS OF 15% TO BE VOTED PRO RATA WITH VOTES OF UNAFFILIATED
CLASS A SHAREHOLDERS
    * MSC INDUSTRIAL DIRECT CO INC: BOARD INTENDS TO ADD A NEW
INDEPENDENT DIRECTOR TO BOARD
    * MSC INDUSTRIAL DIRECT CO INC - BOARD WILL EXPLORE A SHARE
REPURCHASE TO OFFSET DILUTION FROM PROPOSED TRANSACTION

Source text for Eikon:  ID:nPn41JVXpa 
Further company coverage:  MSM.N 

 (Reuters.Briefs@thomsonreuters.com)