(Source: PRNewswire-FirstCall)
ABINGDON, Va., July 24 /PRNewswire-FirstCall/ -- Alpha Natural Resources, Inc. today announced that Glass Lewis & Co., a leading proxy advisory firm, has issued a report reiterating its support for the proposed merger with Foundation Coal . The Boards of Directors of both companies also recommend that shareholders vote their shares "FOR" the merger.
In a report to subscribers, Glass Lewis noted that Alpha expects the merger to be accretive in 2010 while creating America's third-largest coal producer, with a strong balance sheet and a balanced production mix. Glass Lewis stated that it continues to believe that the proposed merger is in the best interests of shareholders.
Alpha and Foundation announced on June 18, 2009, that the companies' respective special meetings of stockholders to vote on the proposed merger will be held on July 31, 2009. All stockholders of record as of the close of business on June 25, 2009 will be entitled to vote at the companies' respective special meetings of stockholders.
About Alpha
Alpha Natural Resources, Inc. is a leading supplier of high-quality Appalachian coal to the steel industry, electric utilities and other industries. Approximately 88 percent of the company's reserve base is high Btu coal and 83 percent is low sulfur, qualities that are valued by electric utilities that use steam coal. Alpha is also the nation's largest supplier and exporter of metallurgical coal, a key ingredient in steel manufacturing. Alpha and its subsidiaries currently operate mining complexes in four states, consisting of 50 mines supplying 10 coal preparation and blending plants. Alpha and its subsidiaries employ more than 3,600 people.
ANRG Forward Looking Statements
Information set forth herein contains forward-looking statements, which involve a number of risks and uncertainties. Alpha Natural Resources, Inc. ("Alpha") cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, statements about the benefits of the business combination transaction involving Alpha and Foundation Coal Holdings, Inc. ("Foundation"), including future financial and operating results, the combined company's plans, objectives, expectations and intentions and other statements that are not historical facts.
