Investors Seek to Unseat Dillard’s Family
Little Rock, Ark. The Associated Press (AP) reported Friday that a group of Dillard’s Inc. investors has petitioned the retailer’s board of directors with a request that the Dillard family relinquish control of its shares.
A letter from the Barington Capital Group and the Clinton Capital Group, which together own 5.67% of Dillard’s class A stock, asked that independent directors be appointed to determine a premium price for the Dillard’s Class B shares, which are controlled by the Dillard family.
Under the current ownership, the shares owned by the Dillard family allow them to control eight of the company’s 12 board positions.
According to the AP report, the investors stated in their letter, “It is clear to us that the company and its public shareholders are being penalized because of its A/B-share class structure.” The letter recommended that the company should repurchase the Class B shares and adopt a “one-share, one-vote” structure, which would unseat the Dillard family’s ability to elect the majority of the board.
FTC investigating Walgreens bid for Longs
WALNUT CREEK, Calif. Longs Drug Stores has announced that the Federal Trade Commission has requested that Longs provide the FTC with documents and information in connection with Walgreens’ unsolicited, non-binding expression of interest to acquire Longs.
In the detailed 25-page request, the FTC stated that it was investigating whether Walgreens’ proposed acquisition of Longs “may substantially lessen competition among Retail Pharmacies in various portions of California, Nevada and Hawaii.” In addition, the FTC requested information regarding several markets that had not been examined in the FTC’s previous review of the proposed Longs-CVS transaction, including Longs’ operations in Hawaii and Longs’ mail order business. The FTC may add to the request as its investigation progresses. Longs intends to cooperate in the FTC’s investigation.
Whole Foods names senior vp of purchasing
AUSTIN, Texas Whole Foods Market has promoted Michael Besancon to the newly created position of senior global vp of purchasing, distribution and marketing for the company.
Starting this week, Besancon will report directly to co-presidents and coos A.C. Gallo and Walter Robb, and will be responsible for leading the development and execution of strategies for procurement, distribution and marketing of products, which includes bringing the next generation of exciting offerings to Whole Foods Market shoppers.
Besancon served as president for the Southern Pacific region for more than seven years, overseeing operations, marketing and real estate development, profitability and financial growth for stores in Southern California, Arizona, Nevada and Hawaii.