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The Buffalo Wild Wings-Marcato Proxy War, Explained

The Buffalo Wild Wings-Marcato Proxy War, Explained

Marcato Capital Management has taken its months-long activist campaign against Buffalo Wild Wings (NASDAQ: BWLD) public and a proxy battle could be finalized at or before the company's Annual Meeting on June 2.

Here is a timeline of the public and vocal dispute between the two entities.

  • July 25, 2016: Marcato Capital reports a 5.1 percent stake in Buffalo Wild Wings and wants to engage in friendly dialogue with management.
  • August 17, 2016: Marcato sends a letter to the company's chairman and calls for a shift in strategy towards a more highly franchised business model which will double or even triple the company's stock over the years.
  • December 6, 2016: Marcato reiterates its call on management to implement "substantial changes."
  • February 6, 2017: Marcato nominates four candidates for the company's board.
  • February 22, 2017: Marcato releases a presentation which highlights its belief that management is "over-promising and under-delivering."
  • April 20: Marcato issues a letter calling for the resignation of the company's CEO Sally Smith to which the company promptly responded.
  • May 4, 2017: The company issues a statement and says Marcato continues to make "misleading claims" regarding its performance.
  • May 15, 2017: Marcato Capital's stake in the company has risen to 9.9 percent.
  • May 22, 2017: Marcato answers frequently asked questions regarding its proxy battle.
  • May 22, 2017: Buffalo Wild Wings also released its own presentation to investors.

See Also:

Why Buffalo Wild Wings Doesn't Need Marcato Capital To Succeed

What You Need To Know Ahead Of B-Dubs' Shareholder Meeting Showdown

Image credit: Mike Mozart, Flickr


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