Activist Oasis seeks board seats at Vail Resorts
The activist investor has a sizable position and is looking to shake up the ski operator’s management.
Activist investor Oasis Capital Management has nominated a group of directors at Vail Resorts, according to sources. The specific nominees and the number of seats sought by Oasis have not been disclosed, but gaining full control of the company's board would require the nomination of five directors. Vail Resorts and Oasis representatives have declined to comment on the matter.
Recent reports suggest that Oasis is likely to initiate a proxy fight against Vail Resorts, while the latter is reportedly working with advisers to counter a potential activist takeover. Factors such as the unpredictable nature of snowfall due to extreme weather, economic pressures leading to reduced consumer spending, and labor disputes with unionized workers have been contributing to Vail Resorts' challenges.
At the heart of the company's issues is billionaire Matthew Prince, a Park City resident who has expressed dissatisfaction with Vail Resorts' management of its Park City property, attributing financial troubles to CEO Rob Katz. Prince has not responded to requests for comment.
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