AMERCO Announces Completion of Board of Directors Review of Stockholder Proposal

February 3, 2016 Download

RENO, Nev. (February 3, 2016)--AMERCO (Nasdaq: UHAL), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, announced that a special committee of the independent directors of the AMERCO Board of Directors (the “Board”) has recommended to the Board that the Company take no action on a Stockholder Proposal from its 2015 Annual Meeting of Stockholders (the “Annual Meeting”).

In connection with the Annual Meeting, AMERCO received a non-binding stockholder proposal recommending that “the Board of Directors and management act expeditiously to declare and issue a dividend of 7 (seven) shares of nonvoting common stock for each common share held to all AMERCO stockholders of record ” (the “Stockholder Proposal”).

In response to the Stockholder Proposal the AMERCO Board of Directors formed a Special Committee of independent directors of AMERCO to investigate, review, consider, evaluate, negotiate and make determinations in respect of the transaction(s) contemplated by the Stockholder Proposal. The Special Committee engaged Moelis & Company as its independent financial advisor, and Greenberg Traurig, LLP as its independent legal advisor. As a result of its investigation, the Special Committee determined that it not recommend implementation of the Stockholder Proposal at this time.