Pathmark Shareholder to Oppose Burkle Offer
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One of Pathmark Stores Inc.’s largest shareholders said it opposed California billionaire Ron Burkle’s $150-million purchase of a 40% stake in the money-losing supermarket chain.
Lampe Conway & Co., which owns a 4.4% Pathmark stake, said in a regulatory filing that it would vote against the purchase by Burkle’s Yucaipa Cos. at a June 9 shareholder meeting.
Institutional Shareholder Services, a provider of proxy voting and corporate governance services, has also recommended that shareholders vote against the deal, Lampe Conway said.
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