May 26 Proxy adviser Glass Lewis & Co LLC
recommended shareholders of Buffalo Wild Wings 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' restaurant chain, Pizza Hut.
It has also backed Sam Rovit, a former Kraft Foods'
executive, who has been nominated by both Marcato and the
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