Hedge Funds
Oasis Cuts Vail Resorts Board Slate to Two as Proxy Fight Heads to December Vote
The Hong Kong activist, holding 9.6% of the ski operator, has dropped two nominees and signed a confidentiality agreement to explore a settlement.
HedgeWeekly Hedge Fund Desk ·
Oasis Management has narrowed its campaign for seats on the board of Vail Resorts, cutting its slate from four candidates to two ahead of a shareholder vote on 14 December. The Hong Kong-based hedge fund now backs former Walt Disney chief executive Robert Chapek and financier M. Ashton Hudson, according to its definitive proxy filed with the SEC on 2 November.
Dropped from the slate are former Olympic skier Picabo Street and venture capitalist Bryce Roberts. Vail had questioned both, saying Cloudflare chief executive Matthew Prince introduced them to Oasis a week before they were put forward; Prince says he had no influence over the final choices. Oasis and Vail have also signed a confidentiality agreement to facilitate talks on a possible settlement, Hedgeweek reported, citing Reuters.
Oasis and its participants own about 9.6% of Vail's common stock, or 3.43 million shares, with cash-settled swaps referencing a further 1.1%, the filing shows. Hedgeweek reported that Baron Capital, the largest holder at about 18%, will back management's full slate of nine nominees. Vail shares have fallen nearly 60% over five years but are up 13% in 2026, on a market value of roughly $5.4bn.
For allocators, the episode shows how a sub-10% stake can force a board contest at a mid-cap, and how quickly such fights narrow once the largest holder sides with management. A settlement would mean seats without a vote; a contested outcome on 14 December will indicate how much support activists can gather when the biggest shareholder stays with the board.