Oasis Management increased its stake in Vail Resorts from 7.4% to 9% Sept. 29, according to a U.S. Securities and Exchange Commission (SEC) filing.
This is the second time the Hong Kong-based hedge fund has increased its ownership in Vail since beginning a proxy fight Sept. 16. A proxy fight is when a shareholder tries to replace existing board members and influence a business’s strategy.
Oasis is now just shy of the 10% needed to become what the SEC calls an insider.
The designation allows companies to recover “short swing” profits for six months. That’s when a corporate insider buys and sells a company's equity securities. Insiders must also report most of their transactions involving the company’s equity securities within two days.
According to SEC paperwork, Oasis believes it can make Vail more profitable by reconstituting the board. The fund says its board recommendations can improve Vail’s operational efficiency and build stronger partnerships with host mountain communities.
Vail owns 42 resorts across four countries, including Park City Mountain.
Vail Resorts’ EpicPromise Employee Foundation is a financial supporter of KPCW.
