Crown Crafts agreement with stakeholder ends proxy battle
July 15, 2011,
Gonzales, La. - After several years of fighting over its board's makeup, Crown Crafts has struck a deal with Wynnefield Partners Small Cap Value, its largest stockholder, to include its preferred candidate on the slate of directors to be voted on at the manufacturer's annual meeting Aug. 9.
In return, Wynnefield has agreed to drop its proxy proposal for her election.
She we be nominated along with Donald Ratajczak, who has served on Crown Craft's board since 2001.
Nelson Obus, Wynnefield's president, said Stensrud "will bring fresh thinking and new ideas to the board."
Wynnefield owns a 16.4% stake in Crown Crafts.