Latest news with #proxyfight
Reuters
23-05-2025
- Business
- Reuters
ISS backs Dynavax directors in board fight with Deep Track Capital
NEW YORK, May 23 (Reuters) - Proxy advisory firm Institutional Shareholder Services urged Dynavax Technologies (DVAX.O), opens new tab shareholders on Friday to reelect all its company directors instead of backing life sciences investment firm Deep Track Capital's four nominees. "Vote for all four management nominees," ISS wrote in a note to clients that was seen by Reuters. "The dissident has failed to present a compelling case that change is necessary at this meeting." Investors will vote on June 11. Recommendations from ISS and its rivals Glass Lewis and Egan-Jones often help guide shareholders' decisions. Deep Track Capital is pushing on with a proxy fight and wants new directors to prioritize development of the company's hepatitis B vaccine instead of pursuing new acquisitions. The investment firm is Dynavax's second largest shareholder with a nearly 15% stake. It wants Dynavax to focus exclusively on growing Heplisav, a vaccine designed to prevent the hepatitis B infection that can lead to chronic liver disease and death, into an asset that a large pharma company would want to own. While ISS recommended against Deep Track's nominees, it acknowledged certain challenges. "There has been a stall in momentum," it said in a report, but noted that "the market has in no way rebuked the company's strategy." Dynavax's stock price has fallen 18% over the last 12 months. Representatives for Dynavax and Deep Track did not immediately respond to requests for comment.
NHK
23-05-2025
- Business
- NHK
Fund to start proxy fight to place its candidates on Fuji Media's board
A major shareholder of Japan's Fuji Media Holdings says it will launch a proxy fight so that its candidates for the firm's board will gain approval at the upcoming general shareholders' meeting. Fuji Media Holdings is the parent company of Fuji Television Network. They have been under fire for their handling of a sexual misconduct scandal. The shareholder, Dalton Investments, has proposed 12 candidates for the board, including Kitao Yoshitaka, the head of Japanese financial services firm SBI Holdings. Fuji Media, which opposes the proposal, has picked 11 candidates of its own, including Sawada Takashi, former president of the FamilyMart convenience store chain. The two sides are expected to present their plans at Fuji Media's general shareholders' meeting on June 25. Dalton Investments' Chief Investment Officer Jamie Rosenwald told NHK on Friday that the fund will start a proxy fight to rally support from other shareholders. The two sides held direct talks on Wednesday but failed to resolve their differences.
Reuters
13-05-2025
- Business
- Reuters
Elliott wins ISS support in proxy battle at Phillips 66
NEW YORK, May 12 (Reuters) - Elliott Investment Management scored a victory on Monday in its board fight at Phillips 66 (PSX.N), opens new tab when prominent proxy advisory firm Institutional Shareholder Services (ISS) recommended that investors elect all four of the activist's director nominees. Elliott, which owns a roughly $2.5 billion stake in Phillips, has been pushing the oil refiner, valued at $48 billion, for changes that include spinning off or selling its midstream business and wants investors to refresh the board in order to achieve these goals. Now with ISS's backing, on the heels of a similarly favorable recommendation from the firm's smaller rival Glass Lewis, the hedge fund may have won significant support, analysts and investors said. Glass Lewis urged investors to elect three of Elliott's four nominees at the May 21 meeting. Investors often take recommendations from proxy advisory firms into consideration when casting votes on hot-button issues like who sits on boards. "Although the board has been reshaped since the pandemic, important industry perspectives have been overlooked, and there is strong evidence that the board is not willing to exercise independent oversight of management," the ISS report said. "The dissident has assembled a strong slate, which has the experience and independence that PSX requires." The fight between Elliott and Phillips 66 is one of the year's most bitter proxy fights with each side piling time and money into trying to persuade shareholders they have the better candidates. Neither Phillips 66 nor Elliott had an immediate comment on the report. Investors will cast votes for four directors who sit on the 14-member board.
Japan Times
12-05-2025
- Business
- Japan Times
Dalton Investments seeks talks with Fuji Media to avoid proxy fight
Dalton Investments' co-founder James Rosenwald said he wants to avoid a proxy fight with Fuji Media Holdings, and called on the Japanese broadcaster to negotiate a settlement. Dalton is proposing 12 candidates to Fuji Media's board, including SBI Holdings' outspoken Chairman Yoshitaka Kitao. It is also demanding the media group, which is grappling with a sexual assault scandal, spin off its real estate business, unwind cross shareholdings and push through corporate governance reform. In an interview, Rosenwald said he hoped Fuji TV President Kenji Shimizu would engage in talks before the the broadcaster's full-year earnings results Friday. Shimizu is slated to be the president of the group, pending approval at the annual shareholders' meeting in June. "I would love to negotiate a settlement with him,' he said. "You should be able to negotiate without having to fight in front of all the shareholders and go to a proxy contest.' Fuji Media is under fire over its repeated dismissal of sexual assault accusations against former TV host Masahiro Nakai. The flight of big-name advertisers spurred Fuji Media to slash its annual outlook and overhaul its board. But Dalton and other investors say that's too little change to address a company-wide lack of accountability.
Bloomberg
12-05-2025
- Business
- Bloomberg
Activist Dalton Seeks Talks With Fuji Media to Avoid Proxy Fight
Dalton Investments' co-founder James Rosenwald said he wants to avoid a proxy fight with Fuji Media Holdings Inc., calling on the Japanese broadcaster to negotiate a settlement. Dalton is proposing 12 candidates to Fuji Media's board, including SBI Holdings Inc. 's outspoken Chairman Yoshitaka Kitao. It's also demanding the media group, which is grappling with a sexual assault scandal, spin off its real estate business, unwind cross shareholdings and push through corporate governance reform.
