Westerbeke to vote on merger agreement

TAUNTON, Mass. -- Westerbeke Corp. is planning on holding a special meeting of stockholders in late 2003 or early 2004 to vote on a proposed merger with Westerbeke Acquisition Corp. under the Agreement Plan of Merger dated May 2, the company reported in a statement today.

Under the terms of the Merger Agreement, Westerbeke Corp. and Westerbeke Acquisition Corp. has the right to terminate the merger agreement if the merger has not been completed on or before October 31, according to the company.

Neither Westerbeke nor Westerbeke Acquisition Corp. has acted to terminate the merger agreement, according to Westerbeke. However, the company stated that there can be no assurance that the merger agreement will not be terminated or that the proposed merger will be completed.

The company is holding its 2003 Annual Meeting of Stockholders on Monday, December 8. At the meeting, Westerbeke’s stockholders will vote for the election of two Class B directors and on the Board of Directiors’ selection of auditors, but will not be discussing the merger agreement.

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