SUNBURY, Pa. -- Two directors of Weis Markets here sent a letter to company management expressing their continued disappointment at management efforts to enhance shareholder value, according to a filing with the Securities and Exchange Commission.
y although it controls 41% of the company's stock.
Another 41% is controlled by the family branch headed by Robert F. Weis, Weis Markets chairman.
The Janet Weis branch had attempted late last fall to call a special meeting of shareholders to expand and reconfigure the Weis Markets board, but withdrew its efforts after company management agreed to have Morgan Stanley Dean Witter, New York, explore strategic options -- including a possible sale or merger -- for the company.
The directors' letter was not made public, but according to the SEC filing the letter said the two directors "continued to be disappointed with the efforts being undertaken by the current management...to increase shareholder value."
The letter said the directors and their allies wanted to see the board expanded and reconfigured, "assuming top-quality directors were to be selected to fill the additional vacancies created by such expansion."
In response to the SEC filings, the company said in a statement, "We are disappointed that the dissident group has chosen to proceed in this unproductive manner. As members of our board of directors, Mr. Goldstein and Mr. Apfelbaum well know that the board has been actively evaluating a range of alternatives with its financial advisor Morgan Stanley Dean Witter to enhance shareholder value for all Weis Markets shareholders. We are continuing our review and analysis, but will have no further comment on board deliberations until a resolution in this matter is reached."
