Investors to Decide House of Fabrics’ Voting Rights
A federal court ordered Fabricland Inc. to hold a shareholders’ meeting to consider whether shares acquired by House of Fabrics Inc. will have full voting rights.
Sherman Oaks-based House of Fabrics, the nation’s largest chain of sewing and fabric stores, has launched a $44-million tender offer to acquire Fabricland, a fabric retailer based in Portland, Ore.
House of Fabrics’ offer is conditioned, among other things, on House of Fabrics obtaining full voting rights for the shares it buys under its tender offer. Under Oregon state law, voting rights are allowed to be subject to a vote of the target company’s stockholders.
The U.S. District Court for the central district of Oregon said Fabricland must hold the meeting between Feb. 3 and Feb. 23.
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