Marcato Capital 'troubled' by Buffalo Wild Wings' board actions
Marcato Capital Management, which manages funds that beneficially own approximately 5.2% of the outstanding common shares of Buffalo Wild Wings, sent a letter to the company's board of directors in response to management's inability to provide Marcato with shareholder information in a timely manner per Minnesota state law. Mick McGuire, Founder and Managing Partner of Marcato, said: "We are troubled by Buffalo Wild Wings' actions that have disenfranchised shareholders, entrenched management, and thwarted our ability and legal right to communicate with other shareholders. The company's refusal to provide us with readily available basic shareholder information, coupled with the recent appointment of three new board members unilaterally and without shareholder input, has exacerbated our concerns that shareholders' interests are not being served." "These materials should be provided to us promptly," the letter reads. "We have no desire to engage in litigation as a means to resolve the issues outlined in this letter. However, we are quickly approaching a point where management's obstinate resistance will leave us with no other choice, and your recent actions have only exacerbated our concerns that shareholders' interests are not being served by the board as currently composed. Accordingly, we reserve all rights and remedies."