Last week, shareholders of micro-cap discount retailer Alco Stores (NASDAQ:ALCS) did something few shareholders ever do. They voted against a merger proposal in spite of the unanimous support of the board of directors, and even the recommendation of Institutional Shareholder Services (NYSE:ISS), a leading proxy advisory firm.
The merger proposal was explained in a write-up by Whopper Investments in July. To recap the main points, and the events since the merger announcement on July 25; the merger proposal was announced with an offer price of $14 just 17 days after management announced that it had granted itself stock options with a strike price of $11.10. Now, there's a even bigger coincidence than the stock options backdating...
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