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Article: Small Shareholder Wants To Bite into Cheesecake Factory.(Culinary Workers Union Local 226)
- Article from:
- Mergers & Acquisitions Report
- Article date:
- May 12, 2003
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The Cheesecake Factory may be eating a little proxy crow at its annual shareholder meeting tomorrow, May 13.
The $1.6 billion market cap casual dining restaurant chain has caught the activist attention of the Culinary Workers Union Local 226, which wants Cheesecake to, among other initiatives, allow shareholders to vote on a modified poison pill.
The impetus for the poison pill proposal, however, is not M&A related, although a union spokesman called Cheesecake's pill "particularly egregious." His reason for that assessment, he explained: Cheesecake's pill includes a dead-hand provision.
For the Las Vegas-based union, which owns less than 1% of ...