June 6, 2016 Bruce Goldfarb quoted in Reuters article on Tribune and Gannett

Tribune Publishing said in a statement late on Thursday: “While precise results of the vote count are not available at this time (and Gannett had no reliable basis for the speculative results it published earlier today), it is clear that all Tribune directors were elected by a majority of the votes cast.”

Some experts suggested that the extent to which Tribune Publishing shareholders withheld support for the company’s board director nominees, even though not overwhelming, could embolden Gannett.

“It is difficult to wage a successful ‘withhold’ campaign,” said Bruce Goldfarb, president and CEO of Okapi Partners LLC, a proxy solicitation firm that is not involved in Gannett’s dispute with Tribune Publishing.

“However, in the case of Tribune Publishing, the ‘withhold’ ratio was really high,” said Goldfarb, cautioning that Gannett had not disclosed the criteria by which it declared shareholders to be unaffiliated with Tribune Publishing’s management.

Read the full story at Reuters.com