[Updated with details of the vote]
Shareholders of Gaylord Entertainment on Thursday overwhelmingly voted to not renew the shareholder rights plan that deters investors from amassing a stake of more than 22 percent.
The vote had been presented before shareholders by veteran investor Mario Gabelli, the owner of more than 13 percent of Nashville-based Gaylord. That ranks his GAMCO Investors entities behind only Robert Rowling's TRT Holdings, which controls almost 22 percent of Gaylord. Gabelli late last year told NashvillePost.com that he is against poison pills like Gaylord's, which is set to expire in August. Shortly after he filed his motion, Gaylord, Rowling and Gabelli signed an agreement that let investors vote on the issue and called on Gaylord to support the investors' board candidates.
In a filing with the Securities and Exchange Commission, Gaylord officials said more than 86 percent of the votes present or represented at the annual meeting voted against extending the poison pill. Only 3.7 percent said they wanted the plan to continue past August.
Shares of Gaylord (Ticker: GET) ended Thursday trading down 1.6 percent at $34.24. Year to date, they're up about 40 percent.