Roby Brock is reporting on his Talk Business blog that there was an agreement of sorts late Tuesday to name four directors to one of the Dillard's, Inc., boards and thus avoid a proxy fight with two big investor groups. Who knows what this means?
DILLARD'S, ACTIVIST INVESTORS CALL TRUCE
No joke: Dillard's and two investor groups reached an agreement late Tuesday to avoid a proxy contest at the mall retailer's May 17th shareholder meeting.
Dillard's, Barington Capital Group, L.P. and Clinton Group, Inc., in conjunction with Southeastern Asset Management, have agreed to nominate the following candidates for the slate of Class A directors at the annual meeting:
James A. Haslam, III, CEO of Pilot Travel Centers
R. Brad Martin, former chairman and CEO of Saks Inc.
Frank R. Mori, Co-CEO and President of Takihyo Inc. who has also worked with Anne Klein and Donna Karan International
Nick White, President and CEO of White & Associates and former EVP and General Manager of the Supercenter division of Wal-Mart Stores.
Barington and Clinton agreed to cease their efforts to elect a slate of four nominees to the Dillard's board of directors at the 2008 annual meeting and to vote for the election of the company's nominees.
More details are available on the BizBlog at www.talkbusiness.net.