Update: Superior Wins Proxy BattleThursday, August 21, 2014
Superior Industries International Inc. has announced final proxy vote results, with the company’s slate of four candidates elected to the board of directors.
The Van Nuys manufacturer of aluminum car wheels was engaged in a proxy battle with GAMCO Asset Management Inc., a New York fund run by billionaire Mario Gabelli. GAMCO, the company’s largest institutional shareholder, had proposed a slate of three new directors.
In a final tally released Wednesday, Superior's candidates received between 66 and 67 percent of the votes, while GAMCO's received 17 to 18 percent.
“The results reflect shareholders’ recognition of the quality and experience of our candidates and the positive change our Board has been making toward enhancing long-term shareholder value,” Chairwoman Margaret Dano said in a statement after preliminary results were announced Aug. 15.
In proxy materials, GAMCO maintained that the Superior board didn’t understand how to create value for shareholders, and its slate of three finance experts could boost financial returns.
The company’s annual shareholder meeting was held Friday Aug. 15 at the Airtel Plaza Hotel in Van Nuys.
Shares closed up Thursday 9 cents, or less than 1 percent, to $19.35 on the New York Stock Exchange.
For more information, see the Business Journal’s Story, “Billionaire Takes Superior for a Ride.”