A March 14 showdown has been scheduled between ValueVision Media Inc. and a group of dissident stockholders who want to replace the leadership of the TV and Internet shopping firm.
The Clinton Group, which says it represents more than 10 percent of ValueVision's shares, has been demanding that a shareholder meeting be scheduled in late January to vote on its proposal to replace a majority of the ValueVision board members, including its CEO and chairman. The Clinton Group has maintained that ValueVision has missed financial targets and that the company is underperforming competitors.
In an announcement, the Eden Prairie-based company said Friday it had turned down the Clinton Group's demand, in part because it said the group wasn't the shareholder of record of enough ValueVision stock to demand a January shareholder meeting.
ValueVision said it was scheduling the March meeting because "prolonging a public dispute over the date of a special meeting is not in the best interests of ValueVision or its shareholders, particularly given the company's need to focus on running its business during the vital holiday season."
Shares of ValueVision fell 6 cents, or 1 percent, to $5.23 Friday.