Oasis Management increased its stake in Vail Resorts on Sept. 22 from 6.2% to 7.4%, according to a U.S. Securities and Exchange Commission (SEC) filing.
The Hong Kong-based hedge fund now owns almost 2,623,000 shares of Vail common stock. According to online stock market platform Stock Titan, Oasis acquired its stake through open-market purchases for about $373 million.
The change comes about a week after the fund announced a proxy fight. That’s when a shareholder tries to replace existing board members and influence a business’s strategy.
Oasis made four board recommendations Sept. 11. They include two-time Olympian and Park City resident Picabo Street, former Disney CEO Robert Chapek of Florida, financier M. Ashton Hudson of Florida, and Utah venture capitalist Bryce Roberts.
According to SEC paperwork, Oasis believes it can make Vail more profitable by reconstituting the board. It plans to improve operational efficiency, enhance food options and build stronger partnerships with host mountain communities.
The resort company will select new board members at its annual meeting. A meeting date has not been set.
Vail owns 42 resorts across four countries, including Park City Mountain.
