Battle over Ingles heats up as April 30 meeting looms

Battle over Ingles heats up as April 30 meeting looms

Activist investor Summer Road is continuing its fight to win a board seat at Black Mountain-based Ingles Markets, stressing its view that the company should split off its real estate into a separate business. This would “optimize the capital structure of both entities and potentially catalyze strategic interest from larger grocers,” according to one of several SEC filings by Florida-based Summer Road, which says it owns 3% of Ingles. That wordin…

Ingles proxy battle heats up as Sackler- owned company seeks seat on board. Summer Road LLC is alleging the board rubber-stamped poor strategies led by its chairman, but Ingles called the Sackler-owned company bad for business, citing its ties to the op

From Staff Reports BLACK MOUNTAIN, N.C. — The fight between Ingles Markets Inc. and a minority shareholder for a seat on the grocer's board of directors has gone public.  “Both companies have issued scathing U.S. Securities and Exchange Commission filings in a battle that continues to reveal more about the innerworkings of the Western North Carolina-based grocer,” the Asheville Citizen Times reported on April 3. “In mid-March, Summer Road LLC, t…