ANN ARBOR, Mich., Sept. 30 /PRNewswire/ -- Borders Group, Inc. today announced that shareholders have approved the issuance to LeBow Gamma Limited Partnership, an entity controlled by Bennett S. LeBow, of a stock purchase warrant exercisable to acquire 35.1 million shares of the company's common stock, together with the issuance by the company of all shares of common stock issuable upon the exercise of the warrant.
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In addition, shareholders approved a second proposal to require the company to obtain the consent of LeBow Gamma Limited Partnership prior to it appointing, terminating or transferring the Chief Executive Officer or Chief Financial Officer of the company, or any executive officer, or materially changing the terms and conditions of their employment, subject to certain exceptions.
The warrants and consent rights are part of the transaction announced on May 21, 2010 pursuant to which LeBow Gamma Limited Partnership invested $25 million in the company and acquired 11,111,111 shares of common stock.
About Borders Group, Inc.
Headquartered in Ann Arbor, Mich., Borders Group, Inc. is a leading specialty retailer of books as well as other educational and entertainment items. The company employs approximately 19,500 throughout the U.S., primarily in its Borders® and Waldenbooks® stores. Online shopping is offered through borders.com. Find author interviews and vibrant discussions of the products we and our customers are passionate about online at facebook.com/borders, twitter.com/borders and youtube.com/bordersmedia. For more information about the company, visit borders.com/media.
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Borders Group, Inc.
CONTACT: Mary Davis of Borders Group, Inc., +1-734-477-1374
Web Site: http://www.bordersgroupinc.com/
