Activist investor Oasis cuts its slate of director nominees at Vail in half
MTN•Oasis Management cut its Vail Resorts board slate from four nominees to two, retaining Bob Chapek and Ashton Hudson. The 9.6% shareholder said it does not plan to break up Vail, while the company said dropping two candidates “changes nothing.”
1. Two nominees remain
Oasis Management is urging Vail Resorts shareholders to elect two candidates to the board next month, down from four nominees put forward in September. It dropped former Olympic ski champion Picabo Street and venture capitalist Bryce Roberts, retaining former Walt Disney CEO Bob Chapek and Ashton Hudson.
2. Settlement discussions
Oasis, Vail’s fourth-largest investor with a 9.6% stake, said it plans to tell shareholders it is not seeking to break up the company or move it to an “asset-light model.” The company and the hedge fund signed a confidentiality agreement last week to facilitate discussions about a potential settlement of their proxy fight. Vail said the remaining nominees lack the experience, company understanding and governance track record required for its board.
3. Investor positions
Vail’s largest investor, Baron Capital, which owns about 18% of the company, said it would back Vail’s nine nominees. Oasis has criticized Vail’s operations and share price; the company says its multiyear transformation strategy, including changes to food, ticketing and ski lessons, will pay off.
