Clinton Group asks Lenox for stockholder consideration, increases stake to 10.9%

By Lisa Kerner

Charlotte, N.C., March 15 - Lenox Group Inc. investors the Clinton Group, Inc., in a letter to chairman Stewart M. Kasen, asked the company to consult with shareholders in regards to any modification of the agreement with Carl Marks Advisory Group, offers of employment for senior management positions, capital structure and/or financing related issues and potential strategic transactions.

The March 14 letter was included as part of a schedule 13D filed with the Securities and Exchange Commission.

Clinton Group also offered to name three nominees to the company's board of directors.

The investors continued to increase their stake in Lenox with the purchase of 41,300 shares of the company's stock priced between $5.01 and $5.05 per share from March 9 through March 14.

The Clinton Group and other reporting persons beneficially own 1,537,333 shares, or 10.9%, of the Eden Prairie, Minn., gifts and collectibles distributor's outstanding shares.

The Lenox Group (NYSE: LNX) closed at $5.07 on March 14.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.