Reuters: Regulatory News: UPDATE 1-Sealy investor Altai Capital joins in criticizing management

Reuters: Regulatory News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Sealy investor Altai Capital joins in criticizing management Apr 16th 2012, 21:27 April 16 | Mon Apr 16, 2012 5:27pm EDT April 16 (Reuters) - Sealy Corp investor, Altai Capital Management joined other shareholders in criticizing the company and private equity firm KKR & Co LP's management of the mattress maker. Sealy has been in the news with H Partners Management LLC, its second largest shareholder, saying that its largest shareholder, KKR Partners is responsible for wiping out most of Sealy's market value and saddling it with debt. Sealy's third-largest shareholder, FPR Partners, too had recently criticized the company management and sought a shake-up of the company's board. Altai Capital, which says it holds about 3.9 percent of the company, expressed concerns about the process for selecting the new chief executive. In December, Sealy had said that CEO Lawrence Rogers would step down. "It is critical to open the search process at this time to formal input from a significant shareholder other than KKR," Altai said adding H Partners should be given a formal role in the selection process. Last week, H Partners, said it intends to withhold votes for all of Sealy's director nominees at the mattress maker's upcoming shareholder meeting to be held on April 18. Sealy's shares closed at $2.30 on Monday on the New York Stock Exchange. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions