Duratek (NASDAQ:DRTK)
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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.