Big Five Sporting Good ($BGFV) Bows to Stadium Capital
The two have finally settled. Big Five has revised its slate of director nominees for election to the Company’s Board, supporting Stadium's Dominic P. DeMarco, Nicholas Donatiello, Jr., and David R. Jessick.
Stadium has owned over 10% of Big Five and went active recently after the company tried to put in voting practice that would allow the company to make decisions without including Stadium's board representative.
As part of the agreement with Stadium, the Company agreed to support the precatory stockholder proposal submitted by Stadium with respect to the declassification of the Company’s Board and to submit and support precatory proposals at the 2015 Annual Meeting regarding the implementation of a majority voting standard in uncontested director elections and the elimination of provisions in the Company’s certificate of incorporation and bylaws which require supermajority approval of certain actions.