Wednesday, 26 April 2017
Last updated 1 day ago
Apr 8 2013 | 11:24am ET
Jana Partners claims to have won a mixed result in its proxy battle with Canadian fertilizer company Agrium Inc.
Agrium shareholders elected two of Jana's five nominees to the company's 13-member board, the New York-based activist hedge fund said today. Among the victors are the firm's managing partner, Barry Rosenstein.
Jana said its success came in spite of calls by Agrium to shareholders who had voted for the hedge fund's slate, urging them to change their votes even after Friday's deadline. Agrium is allowed to extend the deadline without notice if it will help the current board members win re-election, Jana said.
"While only Agrium knows the vote results for both sides, based on the number of votes received by these nominees and the typical turnout for contested Canadian elections, and leaving aside the potential impact of Agrium's offer to pay financial advisers and brokers for favorable votes, it appears that both will be elected," Jana said.
Agrium said it was "very confident" its nominees would prevail and that Jana was "spreading misinformation."
Jana owns a 7.5% stake in Agrium.