Fitness equipment maker Nautilus Inc. conceded defeat Monday in its proxy battle with New York-based Sherborne Investors LP.
The Vancouver, Wash., company (NYSE: NLS) said in a joint statement with Sherborne that the investment firm had succeeded in replacing four of seven board members at a special shareholder meeting Dec. 18.
Nautilus had urged shareholders to reject the Sherborne bid for control of the company.
Sherborne partner Edward Bramson was elected chairman of Nautilus, replacing Robert Falcone. Falcone will stay on as president and CEO, according to the statement.
credited by: bizjournals.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment