The row is continuing over a close Select Comfort shareholder vote in which a private-equity firm failed to acquire a majority stake in the bed manufacturer and retailer. Select Comfort said that Sterling Partners has filed motions in the Court of Chancery in Delaware to require that an additional third party, other than Broadridge Financial Solutions, conduct a recount of the Aug. 27 shareholder vote, reported the Minneapolis/St. Paul Business Journal. Sterling said in a statement that the “recount must be done by an independent third party that is not involved in the original vote, and that is experienced in these matters, to ensure confidence in the process and result.” Sterling Partners agreed in May to acquire a 52.3 percent stake in Select Comfort for $35 million. The proposal received a 49.94 percent of the vote, falling just short of the majority needed for approval. The results of the vote were independently certified by Broadridge, but Select Comfort has requested that Broadridge conduct a recount due to the narrow margin by which the measure failed.
Select Comfort Takeover Vote Moves Into Court
The results of the vote were independently certified by Broadridge, but Select Comfort has requested that Broadridge conduct a recount due to the narrow margin by which the measure failed.
September 4, 2009