Blockbuster’s annual shareholder meeting brought to a close the months-long battle between dissident shareholder Gregory Meyer, who was vying for a seat on the board, and other directors led by BB CEO Jim Keyes. Meyer was given the eighth seat on Blockbuster’s newly expanded board of directors, and the company’s shareholders also approved a proposal to collapse BB’s A and B shares into one common stock issue, as well as approving a potential reverse stock split.
Keyes said the following on Meyer’s election after the meeting, no doubt with a trace of bitterness:
“It was clear in the proxy voting that Greg had strong support among several of our shareholders,”
Speaking about Meyer’s qualifications and the negotiations that have taken place between the two antagonists over the last few weeks, Keyes said:
“Greg’s background is complementary to our needs . . . We needed to make sure his interests were also in line with ours.”
Meyer offered the following on his way into his first BB board meeting:
“I’m looking forward to working constructively with the board. There’s a lot of work to be done,”
Amen to that last sentence. Have Blockbuster’s chances improved any with the approval of the stock changes and Meyer’s addition to the board? Give us your opinion in the comments.
(via Dallas News)