15% shareholder backs CPI management
Century Management, which owns 15.5 percent of St. Louis’ CPI Corp., has chosen sides in the fight over board seats. It will vote for all 6 management nominees, which means it will vote against 23 percent shareholder Ramius LLC. Century is an Austin, Texas, asset manager. Here’s part of a statement it issued today:
As long-term share holders of CPI, we are confident that the CPI Board of Directors and management team have taken the right steps to create value for all stockholders. As a result of their efforts, we believe that CPI is on the right path and well positioned to compete. We believe that electing the Board’s director nominees is in the long-term interests of CPI stockholders and we intend to vote our shares for the CPI director nominees.
UPDATE: Lafitte Capital Management, a 7.8 percent shareholder of CPI, also is backing management’s slate.
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David Nicklaus has covered St. Louis business for more than 25 years. His column appears three days a week on the Post-Dispatch business page. 
