Institutional Shareholder Services, the influential shareholder advisory firm, has recommended that AOL stockholders vote for two of the three board nominees put forward by dissident shareholder Starboard Value.
TORONTO — Agrium Inc won another ringing endorsement just ahead of a crucial shareholder vote after influential advisory firm Glass Lewis on Tuesday advised its clients to back all 12 of Agrium’s board nominees over a slate nominated by dissident investor Jana Partners.
The recommendation from the well-regarded advisory firm is a big boost for Agrium ahead of a shareholder vote on April 9 and follows similar recommendations from smaller firms like U.S.-based Egan-Jones and UK-based Pensions Investment Research Consultants.
HALIFAX — A dissident group of shareholders seeking three seats on the Sherritt International board of directors believes chief executive David Pathe needs to be replaced.
The dissidents led by investment firm Clarke Inc. say costs are up and the share price has fallen since Pathe took the helm of the mining company at the beginning of 2012.
Dustin Haw, vice-president investments at Clarke, said the dissident group would recommend the board form a committee to find a new chief executive immediately.
Toronto-based Takota Asset Management – and predecessor firms — is very familiar with Sherritt International, its predecessor company and the spinoffs. For more than two decades – save for a period before the global financial crisis – it was an equity investor in all the companies – and it made money. But after the financial crisis Takota piled back in and Sherritt now represents its “biggest position.”
AOL said Thursday that shareholders re-elected all of its board members, rejecting a challenge from a hedge fund seeking a shakeup at the Internet and media group."Today's outcome reaffirms our strong belief that AOL has the right strategy and team to successfully execute on our plan to continue to deliver enhanced value for all stockholders," the company said in a statement.The vote was a setback for the Starboard Value hedge fund, with a large stake in AOL, which sought five seats on the board of directors and has criticized the strategy of the current management.
(Reuters) - Vivus Inc's largest shareholder, First Manhattan Co, said on Friday proxy advisory firm Institutional Shareholder Services recommended three of the nine directors the shareholder had proposed for nomination to the drugmaker's board. Another advisory firm, Egan Jones, has backed all the nominees, while a third one, Glass Lewis, called Vivus's plan to launch diet drug Qsymia without a commercial partner "ill-advised", First Manhattan said in a statement. Qsymia's lackluster sales have been the main point of criticism by First Manhattan, which owns about 9.9 percent of the Vivus. ...
BOSTON (Reuters) - AOL Inc shareholders vote on Thursday on whether to hold course on the one-time Internet giant's strategy to gradually become an ad-driven media destination or to shake up the company in line with an activist investor's demands. Six months into a battle between existing management and Starboard Value, shareholders will decide whether to keep AOL's existing eight-member board of directors or take on up to three Starboard-backed nominees that the hedge fund says will push for better returns for shareholders. ...