Activist Shareholder Grows Stake In Vail Resorts As Proxy Battle Begins
Broomfield, Colorado — Vail Resorts is going through a turbulent stretch.
A billionaire’s pursuit of Park City Mountain Resort, along with a warmer-than-average winter, has created more scrutiny for the company. These headwinds likely led Oasis Management to launch a proxy battle against Vail Resorts.
Stock Titan reports that Oasis has increased its stake in Vail Resorts. The company now owns more than 2,620,000 shares. This represents 7.4% of Vail Resorts’ total shares. Oasis now has a position of around $373 million in Vail Resorts. The move increases its stake in a company Oasis seeks to influence.
The news follows Oasis’s announcement of four nominees to Vail Resorts’ Board of Directors, which has an opening. The nominees include former Disney CEO Bob Chapek, Olympian Picabo Street, M. Ashton Hudson, and Bryce Roberts. M. Ashton Hudson owns 1,350 shares of Vail stock, while the others reportedly have none.
Proxy battles are when an outside group tries to convince shareholders to install board members. Proxy battles don’t mean change is inevitable. For example, Disney fended off a couple of proxy battles in recent years.
Timeline
A date for the annual board meeting, which is when the new board members will be appointed, has yet to be announced. Vail’s next earnings report is planned for September 28th.
Image Credits: Katie Musial, Vail Resorts
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