Pirate Capital settles proxy contest with Angelica

September 1st, 2007
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In July of 2007 Pirate Capital reported a 9.9% stake in the Angelica Corporation; a smaller stake than the 11.4% that they had held in May. Pirate was frustrated with Angelica's management and wanted the company to explore "strategic alternatives", including a possible sale of the company or of all of its assets. In addition to the possible sale, Pirate demanded seats on Angelica's board. Angelica is a provider of outsourced linen management services to the U.S. healthcare industry. In September of 2007 Angelica hired Morgan Joseph & Co to negotiate the sale of the company and agreed to separate the Chairman of the Board and Chief Executive Officer positions. Pirate issued statements in support of Angelica's initiatives and withdrew its proxy solicitation for the election of two nominees to the Board.
For Detailed Investor Profiles on these Investors, click below:
Pirate Capital*
Related People: Thomas R. Hudson Jr.
Related Entities: Jolly Roger Activist Fund*

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