Hedge Fund Barrington Drops Board Slate

Oct 10 2007 | 7:08am ET

A group of hedge funds led by Barington Capital Group has struck a deal with consumer products company Lancaster Colony Corp., dropping a plan to nominate director candidates in exchange for concessions from management.

Under the deal, Columbus, Ohio-based Lancaster Colony has agreed to name an independent director acceptable to Barington, form a task force to “work on improving its operations, productivity and profitability,” as well as to consider “strategic alternatives” for its nonfood businesses, and establish a repurchase program and “corporate governance initiatives.” In return, the Barington group has withdrawn its three board nominees.

In June, Barington CEO James Mitaronda, whose firm owns 5.6% of Lancaster Colony, savaged the company’s CEO, John Gerlach, accusing him of running the company like a “private, family-owned business,” and calling on the board of directors to rein him in.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of