Orrville, Ohio, Oct. 16 - The J. M. Smucker Company ("Smucker") announced that at a special meeting of shareholders held today, October 16, 2008, Smucker shareholders overwhelmingly approved a proposal to issue Smucker common shares in the merger of The Folgers Coffee Company with a wholly owned subsidiary of Smucker and to authorize the transactions relating to the merger (the "Transaction"). Smucker shareholders also approved the adoption of amended articles of incorporation of Smucker in connection with the merger to provide all Smucker shareholders with equal voting rights as of the closing of the Transaction.
Tim Smucker, Chairman of the Board and Co-Chief Executive Officer of Smucker, said, "We are very pleased with today's vote and the continued confidence and support we've received from our shareholders. We are looking forward to completing this transaction and adding Folgers(R) and Millstone(R) to our portfolio of iconic brands like Smucker's(R), Jif(R), and Crisco(R)."
Closing of the Transaction remains subject to certain customary closing conditions and completion of the previously announced exchange offer by The Procter & Gamble Company ("P&G"), including a minimum tender condition. Regulatory and other governmental approvals required for the Transaction have already been obtained. The Transaction is expected to close in early November.