Identification
Definition
A proxy contest is a struggle for control of a company where opposing factions of shareholders seek to gather enough proxy votes to win a corporate election or effect significant corporate decisions. This often occurs during annual meetings when shareholders vote on the election of directors or other major corporate issues.
Examples
- • The 2008 proxy contest between activist investor Carl Icahn and Yahoo's board of directors.
- • The 2009 proxy fight at Canadian Pacific Railway led by hedge fund Pershing Square Capital Management.
- • The battle for control of Procter & Gamble in 2017, where Trian Fund Management sought to place its nominee on the board.
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