Acxiom on Monday said it had resolved a looming proxy battle by agreeing to give a dissident shareholder two seats on its board and doing a $300 million share buyback.
This victory makes ValueAct only the latest in a string of victories for activist hedge funds: Barington Capital Group gained four seats on Pep Boys’s board last week, and Pembridge Capital Management and Crescendo Partners struck a deal with Topps to win three seats on the baseball card company’s board. A previous DealBook noted that ValueAct may have set its sights on tool maker Snap-On.
Monday, August 07, 2006
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