MINNEAPOLIS–In a vote held yesterday, Select Comfort shareholders rejected an offer by Sterling Partners to acquire a 52.3 percent ownership interest in the mattress manufacturer/retailer.
The proposal received “yes” votes from shareholders representing 49.94 percent of the company’s shares, according to a filing by Select Comfort with the U.S. Securities and Exchange Commission. The company and Sterling Partners reached an agreement in May for the equity firm to purchase 50 million shares of Select Comfort’s stock at 70 cents per share.
On Aug. 21, Select Comfort issued a statement saying that affiliates of both Sterling Partners and The Clinton Group had reached an agreement whereby Clinton would be a co-investor in Select Comfort with Sterling Partners. Select Comfort also said in this statement that it opposed this move.
Already a shareholder in Select Comfort, Clinton has been critical of Select Comfort management in the past.