Douglas County-based printing giant Cenveo Inc. received notice Friday of a proxy fight to replace the company’s board of directors.
Burton Capital Management, Goodwood Inc. and other dissident shareholders have requested a special meeting to vote on replacing Cenveo’s current board with their slate of seven candidates, according to a filing with the U.S. Securities and Exchange Commission.
Robert Burton Sr., Michael Harris, Patrice Daniels, Thomas Oliva, Leonard Green, Robert Kittel and Mark Griffin are the proposed replacements.
Burton, a printing industry veteran, wants Cenveo to hire him as its chief executive. He and his backers argue the company is poorly managed, which has caused its stock to underperform.
Cenveo said that if the special meeting was properly called for, its board of directors would meet and set a date.
Requesting a special meeting requires control of 10 percent or more of the shares of a Colorado corporation, said Cathy Krendl, a corporate securities attorney with Krendl Krendl Sachnoff & Way in Denver.
Burton and his group claim to have 11 percent.
Cenveo said it is exploring alternatives that could increase value for shareholders, including a possible sale. Cenveo’s market capitalization is $409.7 million.
A number of parties are reviewing the company’s information, but Burton and his group have declined to make an acquisition proposal, the company said.
“We are concerned about any party that may wish to disrupt this process out of self-interest, rather than the interests of all shareholders,” responded Cenveo chairwoman Susan Rheney in a statement Friday.
Staff writer Aldo Svaldi can be reached at 303-820-1410 or asvaldi@denverpost.com.
