Barington Capital Group Continues to Seek Meeting With William Dillard

by John Henry  on Friday, Aug. 3, 2007 8:54 am  

James Mitarotonda, a co-founder and principal of Barington Capital Group, as seen in an article from the Wall Street Reporter here.

Barington Capital Group LP of New York repeated its request to meet with William T. Dillard II, the chairman and chief executive officer of Dillard's Inc., in a letter sent Friday.

Barington wants to meet with Dillard and members of his management team to discuss measures that Barington believes will maximize shareholder value.

News of Barington's latest requst sent Dillard's shares down 1.8 percent in trading on Friday. Shares of Dillard's (NYSE: DDS) were trading at $27.80 on Friday after closing at $28.24 on Thursday.

After Barrington's first request, Dillard sent a letter last month saying the company's investor relations director "would be happy to speak with you regarding our corporate strategy and answer your questions."

Barington said it hopes Dillard, as a steward of a publicly-traded company, will reconsider its request and agree to meet with Barington, who is one of the larger owners of Dillard's with more than 3 million shares, or about 3.7 percent of the outstanding shares of the company.

Barington said it would be happy to meet with Dillard at a time and location most convenient for him.

Barington is an investment firm that primarily invests in undervalued, small and mid-capitalization companies.

Barington's co-founder and principal, James A. Mitarotonda, is an activist shareholder and equity fund manager who has caused CEO resignations and company turnarounds. He is described as "assertive" and "hardnosed." And he's helped engineer turnarounds of varying levels of success as companies including Pep Boys and Warnaco.

Here is the letter sent to Dillard:

August 3, 2007

 

William T. Dillard, II

Chairman of the Board and Chief

 

 

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