Lululemon Athletica sought to settle its bitter proxy fight with founder Chip Wilson as recently as last week but baulked at what it said were escalating demands, the athletic apparel company said in a regulatory filing on Monday.
The company had delayed filing its definitive proxy statement in the hope of reaching a settlement with Wilson, who had issued counter-proposals to its term sheet last week. But the counterproposal was 'a significant departure from what had been discussed'.
Wilson wanted the appointment of three directors chosen by him, including the immediate appointment of two of his nominees and a third from a pool he selected. He also asked for quarterly meetings with the new CEO. A representative for Wilson was not immediately available for comment.
