Ramius Cuts Luby’s Stake

Jan 24 2008 | 3:33pm ET

Following its defeat in a proxy battle with a Texas cafeteria chain, New York hedge fund Ramius Capital has sharply cut its stake in the company.

Ramius, which led a shareholder group seeking representation on the board of Luby’s Inc., has cut the group’s exposure to Luby’s from 7.5% to 4.5%.

 Preliminary results from its proxy battle with Luby’s showed that the company’s shareholders reelected all four board members standing for reelection, rejecting the Ramius-backed candidates.

Immediately after the results were released, Ramius said it might run another slate of candidates at next year’s shareholder meeting.

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