Court Rejects Postponement of Stewart & Stevenson Meeting

Defense Daily, May 25, 2006

A Texas court has denied a request by Oshkosh Truck Corp. [OSK] to postpone today's special meeting of Stewart & Stevenson's [SVC] shareholders to vote to approve or reject a pending acquisition by Armor Holdings [AH].

Stewart & Stevenson said yesterday the Civil District Court of Harris County denied a request for a temporary restraining order to postpone the shareholder meeting.

Oshkosh, which is a rival of Stewart & Stevenson in the military truck market, was a losing bidder for Stewart & Stevenson earlier this year. Oshkosh actually outbid Armor Holdings but Stewart & Stevenson's board of directors felt it would run into anti-trust considerations if it sold to Oshkosh.

However, Armor Holdings' bid failed in an earlier meeting to get shareholder approval and at least one of Stewart & Stevenson's shareholders is hoping that the terms of the deal, currently set at $36.50 per share, can be improved (Defense Daily, May 10, May 12, May 16). If Stewart & Stevenson's shareholders fail to approve the bid today, Armor's price reverts to $35 per share.

[Copyright 2006 Access Intelligence, LLC. All rights reserved.]

TICKER(S): Oshkosh Truck Corp. [OSK]: Stewart & Stevenson's [SVC]: Armor Holdings [AH]: