Ramius reports purchase of Luby's shares

By Lisa Kerner

Charlotte, N.C., Jan. 17 - Investors led by Ramius Capital Group, LLC upped their stake in Luby's, Inc. to 7.5% with the purchase of an additional 165,300 shares of the company's stock between Nov. 29 and Dec. 12.

The shares were priced from $10.62 to $11.01 each, according to a schedule 13D filing with the Securities and Exchange Commission.

On Jan. 15, Luby's shareholders re-elected incumbents to the company's board of directors, despite a push by Starboard Value and Opportunity Master Fund Ltd., an affiliate of RCG Starboard Advisors, LLC and Ramius Capital Group, for the election of their slate of nominees.

Luby's shareholders voted to re-elect Dr. Judith B. Craven, Arthur R. Emerson, Frank Markantonis and Gasper Mir III, it was previously reported.

Ramius wanted Luby's shareholders to elect Stephen Farrar, William J. Fox, Brian G. Grube and Matthew Q. Pannek.

Luby's and Ramius had battled for shareholder support in favor of their respective nominees.

Although Ramius expressed disappointment in the results, the investor said it believes the preliminary voting results showed that a majority of the independent shareholders were in favor of changes to the composition of the Luby's board.

Luby's is a Houston-based restaurant operator.

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