Ramius Capital Sends Letter to Luby's (LUB) Shareholders

Ramius Capital Group, L.L.C. today sent an open letter to all shareholders of Luby's (NYSE: LUB) in which Ramius discusses the Company's need for highly qualified, independent board members who will represent shareholders' best interests.

The letter notes that Luby's operating results have struggled amid difficult conditions in the restaurant industry. The letter also states that Luby's is currently undergoing an expansion strategy where industry expertise will be crucial to the Company's future success, yet, the current directors' have limited relevant experience.

Ramius Partner Jeffrey Smith stated, "Luby's nominees have limited to no restaurant experience and are not the best choice to oversee the Company during this difficult period. With Luby's management team splitting its time between Luby's and Pappas Restaurants, and a new growth phase about to be implemented at the Company, Luby's needs an experienced board with industry knowledge and insight to assist management now more than ever."

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