MGP Ingredients Urges Shareholders To Reject Cray Group's Nominees And Proposals

(RTTNews) - MGP Ingredients Inc. (MGPI) announced that it sent a letter to stockholders urging them to support MGP's current leadership and reject the Cray Group's dissident nominees and proposals by signing, dating and returning MGP's WHITE proxy card. MGP's 2013 Annual Meeting will be scheduled on August 23, 2013.

The company said that Cray Group's efforts are about increasing their already significant control over MGP. Institutional Shareholder Services Inc. or ISS recommends against the governance proposals put forth by the Cray Group underscoring the danger for common stockholders in turning over even more control of MGP to the Cray family.

"The re-election of Chairman John Speirs - an important advocate for your interests on the MGP Board - and the defeat of the Cray Group's self-interested governance proposals are critical to protecting the value of your investment in MGP," the company said.