January 14, 2019 / 3:12 PM / 2 months ago

Proxy advisory firm ISS backs two dissident nominees in Luby's fight

NEW YORK, Jan 14 (Reuters) - Proxy advisory firm Institutional Shareholder Services is recommending that shareholders elect two dissident nominees at Luby’s Inc. after the current board oversaw “alarming underperformance” at the casual dining chain.

ISS recommended votes for Jeff Gramm, whose hedge fund Bandera Capital is running the proxy contest, and his father, Philip Gramm, a former U.S. senator from Texas, according to the report seen by Reuters. Bandera asked shareholders to elect four dissidents. (Reporting by Svea Herbst-Bayliss Editing by Chizu Nomiyama)

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