Convenience Store Resists Activist Pressure For Exec Change

Law360, New York (January 23, 2014, 4:33 PM EST) -- Activist shareholders, led by JCP Investment Management and Lone Star Value Management, have suggested three director candidates to the owner of Kangaroo Express Stores, but the holding company has rejected their proposals, according to public statements made Thursday.

According to Pantry Inc.'s activists, who hold 1.9 percent of the outstanding shares, the current board has watched the company underperform for five years and doesn't have a good plan to turn Pantry around. Pantry's return to shareholders over the last 10 years was -33 percent, according to...
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