Voting Deal Stacks Deck Against Potential Hot Topic Bidders

Law360, New York (March 8, 2013, 7:14 PM EST) -- Anyone looking to challenge Sycamore Partners LLC to scoop up teen apparel retailer Hot Topic Inc. will not have the support of the company's CEO or its biggest independent shareholder, who have both pledged to vote against any competing transaction, according to documents filed Thursday.

Activist hedge fund Becker Drapkin Management LP, which owns abut 8.5 percent of the edgy clothing chain, has agreed to support Sycamore's $600 million buyout offer. So has CEO Lisa Harper, whose exact ownership stake is undisclosed, meaning it's less than...
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