Key facts
- Oasis kept Bob Chapek, former Walt Disney CEO, and Ashton Hudson and dropped Picabo Street and Bryce Roberts from its slate.
- Oasis holds a 9.6% stake in Vail Resorts, making it the fourth-largest investor, per the filing.
- Vail Resorts said the two remaining Oasis nominees do not have the right experience for its board.
- Oasis and Vail signed a confidentiality agreement the prior week to discuss a possible settlement.
Oasis Management cut its slate of director candidates at Vail Resorts to two from four, according to a regulatory filing made late on Friday, as the hedge fund pushes the mountain resort operator to lift its share price. Oasis, Vail's fourth-largest investor with a 9.6% stake, is urging shareholders to elect two executives to the board at a vote it says is due next month.
The hedge fund kept former Walt Disney Chief Executive Officer Bob Chapek and Ashton Hudson, who has served on various boards, and dropped former Olympic ski champion Picabo Street and venture capitalist Bryce Roberts. Vail said the change did not alter its view, saying the two remaining nominees "do not have the right experience, understanding of the company or track record on governance to be on the Vail Resorts Board."
Vail's largest investor, Baron Capital, which owns about 18% of the company, said the prior week it would back Vail's nine nominees. Oasis plans to write to other shareholders on Monday, according to a letter seen by Reuters, saying it does not want to break up the company.
The filing also says Oasis and Vail signed a confidentiality agreement the prior week to "facilitate discussions regarding a potential settlement" of the proxy fight. A Vail representative was not immediately available for comment.
Oasis has for months criticized Vail's operations and share price, which it says has climbed 13% since January but tumbled nearly 60% over the last five years, leaving the company with a market value of $5.4 billion. In its letter, Oasis said its plan does not include moving to an asset-light model and called the company's integrated resort network one of its greatest competitive strengths. Vail, which owns resorts and ski areas in Utah, Colorado and the northeastern United States, says its multiyear transformation strategy will pay off and has pointed to changes including upgraded quick-service menus, improved ticket purchasing and advance purchase discounts.