Proxy battle is avoided
Long-term care provider Extendicare has reached an agreement with investment firm Oxford Park Group that will help avoid a “distracting proxy contest,” the company announced in late January.
The agreement adds three Oxford-nominated members to Extendicare's board. Oxford, which has a 5% ownership stake in Extendicare, originally wanted to replace seven of the nine directors with its own nominees, the Wall Street Journal reported.
Canada-based Extendicare closed the $870 million sale of its United States LTC facilities in July.