Shares of Buffalo Wild Wings fell about 2 percent, to close
at $145.25, after activist hedge fund firm Marcato Capital
Management publicly opposed the casual dining
company’s announcement it would add just one of
the investor’s nominees to its board of directors.
Marcato, which owns 5.6 percent of the stock, said in a
press release it is "deeply troubling" the company took the
action without consulting Marcato or other major
"In our view these changes do not go far enough and the
company’s rejection of our proposal to adopt a
universal proxy ballot is clearly designed to thwart
shareholder democracy," Marcato added.
In early February Marcato
nominated four people to the board, including Mick McGuire
III, who heads up the hedge fund firm, and three others who
have experience in the restaurant or food service businesses.
They include Sam Rovit, the person Buffalo Wild Wings nominated
on Monday. In January Buffalo Wild Wings announced a $400
million stock repurchase program, bringing the total
authorization to $900 million. Marcato announced its activist
position in the stock in late July. The shares are down more
than 17 percent after peaking on December 9.
Tiger Global Management participated in a $100 million
investment in Delhivery, India’s largest
e-commerce supply chain services company. In 2015 Tiger Global
had led the company’s $85 million financing.
Magnetar Capital has invested $10 million in FS Energy
Total Return Fund, a closed-end interval fund launched by FS
Investments, an alternative investment manager. The fund plans
to invest in equity and debt securities of public and private
energy and energy infrastructure companies. FS Investments
manages more than $5 billion of energy and power assets, with a
focus on directly originated private debt investments.
D.E. Shaw raised its stake in Liberty Interactive to a
little over 4 million shares as of March 15, giving it a stake
of 5 percent in the broadband giant. The investment is