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Borders Shareholders Approve Share Issuance, Executive Proposal

DOW JONES NEWSWIRES Borders Group Inc. (BGP) announced that shareholders have approved two measures that stand to increase Chairman Bennett LeBow's grip on the struggling bookseller. Shares rose 5% after-hours to $1.25. The stock through the close was down 62% the past year, all occurring in late 2009. Holders backed proposals to issue warrants exercisable into 35.1 million shares and give an entity LeBow controls veto power on changes to any executive officer post. The meeting for the vote was set for Wednesday, but postponed a day as enough people hadn't voted yet to have a quorum. At the time, President Mike Edwards said in a statement that support for the stock-issuance proposal has been "strong." The warrants have a $2.25 exercise price. Borders had about 65 million shares outstanding as of July 31. The measure was related to a transaction announced in May, in which LeBow, also a noted financier and chairman of Vector Group Ltd. (VGR), invested $25 million in Borders and was given control of the board. William Ackman's Pershing Square Capital Management LP, then the largest single investor in Borders, supported the transaction. LeBow's investment has propped up the No. 2 U.S. bookstore operator, which has struggled amid sliding sales and margins. -By Kevin Kingsbury; Dow Jones Newswires; 212-416-2354; kevin.kingsbury@dowjones.com

Stock News for Borders (BGP)
DateTimeHeadline
02/16/201109:14:36CORRECT: Borders Files For Chapter 11 Bankruptcy Protection
02/16/201107:59:47Borders Files For Chapter 11 Bankruptcy Protection
02/16/201107:53:02Borders Files For Bankruptcy Protection With $1.29 Billion Debt-Bloomberg
02/04/201118:38:33NYSE Warns Borders Stock Price Too Low For Continued Listing
01/30/201118:40:10Borders Again Delays Payments To Vendors, Also Skips Others
01/27/201118:38:48Borders Gets Potential $550 Million Of Financing From GE; Shares...
01/12/201117:18:53Borders To Shut Warehouse; Talks With Publishers On Tap -Report
01/04/201117:00:53MARKET SNAPSHOT: U.S. Stocks Get Boost From Fed Minutes
01/04/201115:42:13Agree Realty's Shares Hit The Skids As Borders Woes Deepen
01/04/201114:06:41MARKET SNAPSHOT: U.S. Stocks Pause In Run To Two-year Highs
12/31/201017:19:05MARKET SNAPSHOT: U.S. Stocks Extend Gains Into Second Year
12/31/201010:25:10MARKET SNAPSHOT: U.S. Stocks Set To End Strong Year With Minor...
12/09/201017:01:57Borders 3Q Loss Widens On Lower Sales, Margins; Stock Falls
12/06/201007:23:35Ackman Offers To Finance A Borders Buyout Of Barnes & Noble
10/08/201014:51:32How Ackman's Pershing Square Stalked J.C. Penney
09/30/201018:05:34Borders Shareholders Approve Share Issuance, Executive Proposal
09/29/201012:09:35Borders Delays Meeting On Share Issuance Until Thursday
09/28/201011:53:38Borders To Open 25 Seasonal 'Pop-Up' Stores In US Malls
09/02/201008:11:22Former Borders CFO Bierley To Take Same Job At Pantry
09/01/201010:14:19MARKET SNAPSHOT: U.S. Stocks Rally On Global Growth Hopes

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