Luby’s beats back board challenge from Bandera Capital By Reuters

© Reuters. Luby’s beats back board challenge from Bandera Capital

NEW YORK (Reuters) – Casual dining chain Luby’s Inc. said on Friday that it beat back a long-term shareholder’s bid for four board seats when investors sided with management and elected all nine of the company’s director nominees.

Investors supported all of Luby’s directors ending a battle between the company and Bandera Capital, a small New York-based hedge fund that owns roughly 10 percent of Luby’s shares and demanded more accountability and oversight by the board.

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