Clinton Group sells more Select Comfort shares, questions vote count

By Lisa Kerner

Charlotte, N.C., Sept. 2 - Select Comfort Corp. investors led by Clinton Group, Inc. cut their stake to 6.9% with the sale of a net 133,330 shares in a series of buy and sell transactions between Aug. 27 and Sept. 1, according to a schedule 13D/A filed with the Securities and Exchange Commission on Wednesday.

The shares were priced from $2.68 to $3.28 each.

Between Aug. 5 and Aug. 14, Clinton Group sold 429,807 shares and kept a 7.2% ownership interest, a prior SEC filing said.

Clinton Group questioned the tallying of votes in connection with the company's proposed $35 million private placement of stock with Sterling SC Investor, LLC.

According to Wednesday's schedule 13D/A filing, the proposed transaction was rejected, receiving only 49.94% of the affirmative votes of Select Comfort's voting shareholders.

Select Comfort said it will have Broadridge Financial Solutions, Inc. conduct a recount, and Clinton Group said it would like more information on how the recount will be conducted.

Clinton Group beneficially owns 3,129,308 shares of the Minneapolis-based adjustable-firmness bed maker.

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