Clinton Group Inc. received the news it had been waiting for yesterday afternoon when teen apparel retailer Wet Seal Inc. called to concede a proxy contest for board seats. The victory didn't last long.

At about 3 p.m., Wet Seal's banker told Clinton "it appears you have won," according to a U.S. Securities and Exchange filing today. The board members Clinton wanted to replace were ready to resign and assist with the transition, said the banker, who wasn't named in the document. Clinton agreed to settle and began discussing a press release.

That all changed about seven-and-a-half hours later when the banker called back to say the proposal was off the table, Clinton said in the filing. That means that Clinton, which owns 6.9 percent of Wet Seal, will continue pushing for its consent solicitation, a proxy proposal that doesn't require a meeting, to be approved by shareholder vote.

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.