Tuesday, 30 August 2016
Last updated 20 min ago
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.