Filed under: Brands, Capital, Furniture | Tags: Brands, Capital, Count, Furniture, Gain, Says, Seats, Shows, Sun
Private-equity firm Sun Capital LLC said all three of its nominees to Furniture Brands International Inc.’s board were elected “by a substantial margin,” based on an estimate by its proxy solicitor.
“The election of Sun Capital’s nominees is a victory for all Furniture Brands shareholders,” Jason Bernzweig, vice president for Sun Capital, said in a prepared statement.
Certification of the final results by the independent inspectors of the elections is expected to be completed by May 20, Furniture Brands has said. A spokesman for the St. Louis-based retailer wouldn’t officially comment on the vote but did acknowledge the company sees the same preliminary vote tally as Sun Capital.
Sun Capital is Furniture Brands’ second-largest investor with a 9.5% stake. After making an offer in February to buy the company and calling for more aggressive turnaround efforts, Sun Capital launched a proxy contest to nominate three directors to the eight-member board. (more…)
