Pathmark Shareholder to Oppose Burkle Offer

One of Pathmark Stores Inc.’s largest shareholders said it opposed California billionaire Ron Burkle’s $150-million purchase of a 40% stake in the money-losing supermarket chain.

Lampe Conway & Co., which owns a 4.4% Pathmark stake, said in a regulatory filing that it would vote against the purchase by Burkle’s Yucaipa Cos. at a June 9 shareholder meeting.

Institutional Shareholder Services, a provider of proxy voting and corporate governance services, has also recommended that shareholders vote against the deal, Lampe Conway said.