NEW YORK–Sun Capital Partners said today that based on an estimate by its proxy solicitor D.F. King at the close of the polls, the shareholders of Furniture Brands International Inc. have “by a substantial margin” elected Sun Capital’s nominees Alan Schwartz, Ira Kaplan and T. Scott King to the Furniture Brands board of directors.
While certification of the final results by the independent inspectors of elections, IVS Associates, isn’t expected to be complete until later this month, Sun Capital is claiming “victory for all Furniture Brands shareholders,” said Jason Bernzweig, a vice president for Sun Capital.
“Today’s results demonstrate shareholders’ desire for constructive change at Furniture Brands, and we are gratified by their support for our nominees,” Bernzweig said in a statement. “Our nominees look forward to working with the other Furniture Brands board members, management and the company’s talented employees to enhance performance and create long-term value for the benefit of all shareholders.”
Sun Capital, the private investment firm that owns a nearly 9.5 percent stake in Furniture Brands, has made unsuccessful bids to acquire the $2 billion furniture company.