Nov 19, 2008 11:58 AM
Sherborne Buys More Nautilus Stock
VANCOUVER, WA -- Sherborne Investors, which gained control over the board of Nautilus Inc. in a proxy fight last year, has increased its stake in the Vancouver, WA-based company.
Sherborne now holds about 9.4 million shares of Nautilus stock, according to the Puget Sound (WA) Business Journal. Sherborne has increased its ownership of Nautilus stock from 26.7 percent in April to 30.8 percent.
The investor group bought an additional 950,000 shares between Nov. 7 and Nov. 13 at prices ranging from $1.79 per share to $2.33 per share, the newspaper reports. Shares of Nautilus stock have a 52-week high of $7.12 per share.
Edward Bramson led the proxy fight last December as Sherborne, which owned 23.5 percent of Nautilus stock at the time, won four of the seven board positions in the December shareholder election. Two of the seats were Sherborne partners, and two were independent directors nominated by Sherborne. Bramson was named to replace Robert Falcone as CEO in March.
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