Select Comfort Shareholder Vote to Undergo Recount
September 2, 2009
Minneapolis-based Select Comfort Corporation (NASDAQ: SCSS) said its shareholders rejected a proposed transaction in which Sterling Partners would have acquired 50 million shares at 70 cents per share. The shareholder vote is undergoing a recount.
The transaction would have given Sterling Partners 52.3 percent controlling interest in the company.
Broadridge Financial Solutions, Inc., an independent tabulation agent and inspector of elections, certified the results of the shareholder vote from last week. However, because of the small margin by which Select Comfort’s shareholders did not approve the Sterling Transaction, Select Comfort has requested that Broadridge perform a recount of the voting.
Separately, Sterling and Clinton Group, have each made a request for access to company records and requests relating to the shareholder vote and for an additional independent audit of the shareholder voting results. An affiliate of Clinton is an existing shareholder of the company and another affiliate of Clinton, as disclosed in Clinton’s public filings with the Securities and Exchange Commission and the company’s news release Aug. 21 entered into an agreement with Sterling to purchase an interest in Sterling in connection with Sterling’s proposed purchase of shares pursuant to the Sterling Stock Purchase Agreement.
The transaction would have given Sterling Partners 52.3 percent controlling interest in the company.
Broadridge Financial Solutions, Inc., an independent tabulation agent and inspector of elections, certified the results of the shareholder vote from last week. However, because of the small margin by which Select Comfort’s shareholders did not approve the Sterling Transaction, Select Comfort has requested that Broadridge perform a recount of the voting.
Separately, Sterling and Clinton Group, have each made a request for access to company records and requests relating to the shareholder vote and for an additional independent audit of the shareholder voting results. An affiliate of Clinton is an existing shareholder of the company and another affiliate of Clinton, as disclosed in Clinton’s public filings with the Securities and Exchange Commission and the company’s news release Aug. 21 entered into an agreement with Sterling to purchase an interest in Sterling in connection with Sterling’s proposed purchase of shares pursuant to the Sterling Stock Purchase Agreement.
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