Luby's calls hedge fund's nominees unqualified as contest heats up [Reuters (UK)]
PAR Technology Corporation (PAR)
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Source: Reuters
Luby's calls hedge fund's nominees unqualified as contest heats up | Reuters 3 Min Read BOSTON, Jan 8 (Reuters) - Luby’s Inc on Tuesday hit back at criticisms from a long-time investor that wants to shake up the casual dining chain’s board by questioning the qualifications of the hedge fund’s director nominees. The Texas-based restaurant company, which owns hamburger chain Fuddruckers and has a market capitalization of $39 million, said that Bandera Partners, which is running a proxy contest, has proposed unqualified nominees who have no business being elected to a public company’s board. The company plans to file its documents with regulators later on Tuesday after having presented its case to proxy advisory firm Institutional Shareholder Services. Investors will vote on directors at the company’s Jan. 25 annual meeting and ISS will have issued its view before then. There is little argument that business has not been going well at Luby’s, whose share price has tumbled 80 percent in f
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