Ramius reduces stake in Luby's to 4.5%

By Lisa Kerner

Charlotte, N.C., Jan. 23 - Luby's Inc. investors led by Ramius Capital Group, LLC sold 835,000 shares of the company's stock on Jan. 18 and Jan. 22, reducing their stake in the company to 4.5% from 7.5%.

Each share was priced at $9.002 or $9.489, according to a schedule 13D filing with the Securities and Exchange Commission.

The investors beneficially own 1,282,400 shares of the Houston-based restaurant operator's outstanding stock.

It was previously reported that Ramius was disappointed with Luby's recent election results. On Jan. 15, Luby's shareholders re-elected incumbents to the company's board of directors, despite a push by Starboard Value and Opportunity Master Fund Ltd., an affiliate of RCG Starboard Advisors, LLC and Ramius Capital Group, for the election of its slate of nominees.

Ramius wanted Luby's shareholders to elect Stephen Farrar, William J. Fox, Brian G. Grube and Matthew Q. Pannek.

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