St. Louis Post-Dispatch – Angelica Corp. said Wednesday that it so far has failed to satisfy the demands of its largest shareholder, Steel Partners II LP, which wants the Chesterfield-based companyto make governance changes or put itself up for sale.
However, Angelica will continue to seek “mutually agreeable means” to respond to Steel Partners, according to a statement. Angelica provides textile-rental and linen-management services to healthcare companies.
Steel Partners, a hedge fund in New York, owns about 20 percent of Angelica’s shares. It is displeased with Angelica’s operating results.
Warren Lichtenstein, who heads Steel Partners, didn’t return calls. His firm is among a growing number of hedge funds that have taken an activist role in pushing for management changes.
