Dillard's (DDS) Reaches Settlement Agreement with Barington and Clinton
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Dillard's, Inc. (NYSE: DDS) announced that it has reached an agreement with Barington Capital Group, L.P. and Clinton Group, Inc., in conjunction with Southeastern Asset Management, that will avoid a proxy contest at the Company's 2008 Annual Meeting of Stockholders scheduled for May 17, 2008.
The Company has agreed to nominate the following candidates for the slate of Class A directors at the annual meeting: James A. Haslam, III, Chief Executive Officer of Pilot Travel Centers LLC; R. Brad Martin, former chairman and CEO of Saks Inc.; Frank R. Mori, Co-Chief Executive Officer and President of Takihyo Inc. and former President and CEO of Anne Klein, Inc. and former CEO and founding Partner of Donna Karan International; and Nick White, President and Chief Executive Officer of White & Associates and former Executive Vice President and General Manager of the Supercenter division of Wal-Mart Stores, Inc.
Barington and Clinton have agreed to cease their efforts to elect a slate of four nominees to the Dillard's Board of Directors at the 2008 annual meeting and to vote for the election of the company's nominees.
[JT]
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