Luby’s shareholders reject dissidents’ board nominees

HOUSTON Dissident shareholders pressing to put four new directors on the 10-member board of cafeteria operator Luby’s Inc. failed in their proxy battle at the annual shareholders’ meeting here today.

Also today, Luby’s board unanimously voted to put before shareholders next year a plan to declassify, or stagger, board terms, a step that could make a board takeover more difficult.

Ramius Capital Group LLC of New York and Starboard Value

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