UTZ Brands (UTZ) investor relations material

Executive summary

• The proxy filing details a merger agreement where the company will be acquired and become a wholly-owned subsidiary of a German parent, with a cash-out of public shareholders at $14.25 per share and a comprehensive recapitalization of its LLC structure.

• The transaction is structured to ensure fairness to unaffiliated shareholders, with a special committee of disinterested directors overseeing negotiations and recommending approval.

• The deal includes a termination of the existing Tax Receivable Agreement in exchange for a $44 million payment to certain legacy holders, and a series of related agreements to govern post-merger governance, capital structure, and member rights.

Voting matters and shareholder proposals

• Shareholders will vote on the merger, the recapitalization, and related agreements, with approval required by both a majority of all shares and a majority of disinterested shares.

• Voting agreements are in place with key shareholders to support the transaction, but allow for engagement with superior proposals under certain conditions.

• The proxy statement and Schedule 13E-3 will be distributed to shareholders for informed voting.

Board of directors and corporate governance

• A special committee of independent directors was formed to evaluate the transaction, negotiate terms, and make recommendations to the board.

• The board unanimously approved the merger and related agreements, finding them fair and in the best interests of shareholders.

• Post-merger, the LLC will be governed by a new agreement with a four-member board, split evenly between the acquirer and legacy holders, with detailed provisions for board composition and member rights.