A group of investors, including Shamrock Activist Value Fund LP, has submitted two nominees for election to the board of packaged ice maker Reddy Ice Holdings Inc., according to a filing with the Securities and Exchange Commission Tuesday.
Shamrock also reported increasing its stake in the Dallas-based company to 13.2 percent. The investor now beneficially owns nearly 3 million shares. Last week, Shamrock reported owning roughly 2.6 million Reddy Ice shares, representing a 12.1 percent stake.
According to the filing, Shamrock has nominated Christopher Kiper, vice president of Shamrock Capital Advisors Inc., and Jonathan Mather, chief financial officer of American Reprographics Co., which provides document management services.
Shamrock said new board leadership has the potential to increase shareholder value and is necessary to bring about corporate governance reform.
On Jan. 31, Reddy Ice said its proposed acquisition by GSO Capital Partners LP had been canceled due to the ongoing turmoil in the credit markets. Shamrock has previously called the buyout price "grossly inadequate" and suggested a potential conflict of interest involving company executives and some board members.
Reddy Ice has said it will continue to explore transactions with GSO and review other alternatives available to the company.
Reddy Ice shares slipped 11 cents to close earlier at $22.93. Shares gained 7 cents to $23 in aftermarket trading.
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