ISS, Glass Lewis recommend Heritage-Crystal shareholders vote for combination

Heritage-Crystal Clean announced that proxy advisory firms Institutional Shareholder Services and Glass Lewis & Co. recommend that Crystal Clean shareholders vote “FOR” Crystal Clean’s proposed combination with J.F. Lehman & Company (“JFLCO”) at the Company’s upcoming Special Meeting of Shareholders scheduled for October 10, 2023. As previously announced, Crystal Clean and JFLCO have entered into a definitive merger agreement under which JFLCO agreed to acquire Crystal Clean for $45.50 per share in an all-cash transaction. Crystal Clean and JFLCO expect the transaction to close in the fourth quarter of 2023, subject to the receipt of regulatory approvals, approval by Crystal Clean shareholders, and satisfaction of other customary conditions. Upon completion of the transaction, Crystal Clean will become a privately held company and shares of Crystal Clean common stock will no longer be listed on the Nasdaq Stock Exchange or trade in any other public market.