Ribs Capital Demands for Inspection of Books and Records of CSS Industries
January 31, 2020 at 02:45 pm EST
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On January 31, 2020, Ribs Capital, LLC announced that as the record holder of the shares, Ribs hereby demands, pursuant to Section 220 of the Delaware General Corporation Law, to inspect the books, records and documents of CSS Industries, Inc. Ribs Capital stated that the purpose of this demand is to enable Ribs to communicate with stockholders of the Company on matters relating to their mutual interest as stockholders, such as those with respect to specific policies, actions, and affairs of the Company, including, without limitation, (1) the solicitation of proxies or written consents in connection with calling a special meeting of the stockholders of the Company in order to propose a new slate of directors and other related proposals and any election of such nominees to the board of directors of the Company or any such proposals submitted for consideration at any annual or special meeting or in any action by written consent and (2) communicating Ribs’ views regarding the inadequacy of IG Design Group Plc’s proposal to acquire the Company and its desire to continue to discuss a competing proposal with the Company.
CSS Industries, Inc. is a United States-based consumer products company. The Company is engaged in development, manufacture, procurement, distribution and sale of various categories of products include seasonal, which includes holiday gift packaging items, such as ribbon, bows, greeting cards, bags, tags and gift card holders, in addition to specific holiday-themed decorations, accessories, and activities; gift, which includes products designed to celebrate certain life events or special occasions, such as weddings, birthdays, anniversaries, graduations, or the birth of a child, and its offered products include ribbons and bows, floral accessories, infant products, journals, gift card holders, all occasion boxed greeting cards, memory books, scrapbooks, stationery and other items; and craft, which includes sewing patterns, ribbons and trims, buttons, knitting needles, needle arts and kids crafts.