Duckhorn Portfolio, Inc. Stockholders Approve Merger Agreement in Recent Special Meeting

The Duckhorn Portfolio, Inc. (NYSE:NAPA) recently held a virtual special meeting of stockholders to address proposals outlined in the definitive proxy statement relating to the Merger Agreement. The meeting, held on December 23, 2024, included considerations and voting on various proposals put forth by the company.

As of November 28, 2024, the record date for stockholders entitled to vote at the Special Meeting, there were 147,200,572 shares of Common Stock outstanding, with each entitled to one vote for the proposals. During the meeting, 132,994,804 shares, representing approximately 90.35% of the total shares issued, were present or represented by proxy, establishing a quorum for decision-making.

The first proposal was to adopt the Agreement and Plan of Merger, dated October 6, 2024, among Duckhorn, Marlee Buyer, Inc., and Marlee Merger Sub, Inc. This agreement entails a merger where Marlee Merger Sub, Inc. will merge with Duckhorn, with Duckhorn continuing as the surviving corporation and as a wholly owned subsidiary of Parent.

Stockholders voted on this proposal, with 130,985,738 votes cast for, 40,797 against, and 1,968,269 abstentions. The second proposal was an advisory vote on the compensation that may be paid to Duckhorn’s named executive officers based on the Merger Agreement. This Compensation Proposal received approval with 130,451,334 votes for, 580,320 against, and 1,963,150 abstentions.

The third proposal was to authorize the adjournment of the Special Meeting if necessary to solicit additional proxies to adopt the Merger Agreement. This Adjournment Proposal was approved with 129,855,014 votes for, 1,145,198 against, and 1,994,592 abstentions.

Following the voting and due to the sufficiency of votes, the Adjournment of the Special Meeting was deemed unnecessary. No additional business was addressed during the meeting.

Moving forward, Duckhorn Portfolio, Inc. will continue to progress in alignment with the approved Merger Agreement. The company’s endeavors and developments as outlined in the recent special meeting reflect its commitment to operational growth and strategic decisions for the future.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Duckhorn Portfolio’s 8K filing here.

Duckhorn Portfolio Company Profile

The Duckhorn Portfolio, Inc produces and sells wines in North America. The company offers wines under a portfolio of brands, including Duckhorn Vineyards, Decoy, Goldeneye, Paraduxx, Migration, Canvasback, Calera, Kosta Browne, Greenwing, and Postmark. It sells wines to distributors, and directly to retail accounts and consumers.