December 14, 2009 (FinancialWire) — Analogic Corp. (NASDAQ: ALOG), a leading designer and manufacturer of medical imaging and aviation security technology, said it has reached an agreement with Ramius Value and Opportunity Master Fund Ltd, an affiliate of RCG Starboard Advisors, LLC and Ramius LLC, relating to the company’s 2010 annual meeting of Stockholders.

Ramius beneficially owns approximately 4.9% of Analogic’s outstanding shares. The Analogic 2010 annual meeting will be held on January 29, 2010, at the company’s world headquarters in Peabody, Massachusetts.

Analogic will nominate Dr. Burton Drayer, executive vice president for Risk at The Mount Sinai Medical Center and chairman and director of Mount Sinai’s Department of Radiology, to stand for election as a new independent director on the Analogic Board at the January 2010 annual meeting. Dr. Drayer, who was recommended by Ramius, will fill the vacancy resulting from the previously announced departure of Analogic founder and chairman Emeritus from the company’s Board. It is expected that Dr. Drayer will also serve on the Nominating and Corporate Governance Committee.

Also at the 2010 annual meeting, Analogic will ask the company’s shareholders to approve an increase in the size of the Analogic Board from ten to eleven members. Subject to shareholder approval, Analogic will appoint a new independent director to its Board by March 31, 2010. The Nominating Committee of Analogic’s Board will identify potential director candidates, including any proposed by Ramius and other Analogic stockholders, from which the board will select one individual to appoint to the board.

As part of the settlement agreement, Analogic also agreed to issue a “Financial Pathway Statement” in its earnings release for the first quarter ended October 31, 2009. The statement outlines Analogic’s strategy for driving enhanced profitability in each of the next three years, through organic measures within the company’s control, on its pathway to double-digit operating margins by fiscal year 2012.

Ramius has withdrawn its nomination of director candidates to Analogic’s Board and has agreed to vote its shares in favor of each of the board’s nominees.

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