(Reuters) - Proxy adviser Glass Lewis & Co LLC recommended shareholders of Buffalo Wild Wings BWLD.O to vote for the company’s slate of directors, saying activist hedge fund Marcato Capital had failed to make a compelling case for making changes to the board.
Glass Lewis’s recommendation on Friday comes two days after another adviser, Institutional Shareholder Services (ISS), recommended voting for Marcato’s nominees.
Marcato, which owns a 6.1 percent stake in Buffalo Wild Wings, launched a proxy fight in February, nominating four directors for the nine-member board.
“We believe the dissident’s nominees, other than the one also nominated by the company, either have experience that would not be additive to the refreshed board or potential conflicts which weakens their candidacies,” Glass Lewis said in a report.
ISS has put its weight behind Marcato nominees Mick McGuire, the hedge fund’s founder, and Scott Bergren, the former chief executive of Yum Brands’ (YUM.N) restaurant chain, Pizza Hut.
It has also backed Sam Rovit, a former Kraft Foods’ executive, who has been nominated by both Marcato and the company.
ISS did not recommend support for Lee Sanders, the former chief development officer at TGI Fridays.
Buffalo Wild Wings will hold its annual meeting on June 2.
Among its demands, Marcato has asked for Chief Executive Sally Smith to be replaced.
Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Anil D'Silva