In its recommendation, ISS cited the "multi-year process" that Luby's has undertaken prior to proposing this step. The firm also noted that the stock market has reacted favorably to the announcement, with the value of Luby's shares more than doubling in value since September. A vote to approve the plan will take place Nov. 17 at a special meeting of the company's stockholders.
First announced in September, the liquidation plan calls for Luby's to sell its various assets, including locations of Luby's and hamburger chain Fuddruckers, as well as its real estate holdings. Ultimately, Luby's hopes to generate between $92 million and $123 million from the process, which represents between $3 and $4 per share of its stock (approximately 30.7 million shares outstanding). Once approved, the plan could take up to a year to complete, the Houston Business Journal reports.
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The video above is from previous reporting.
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