Media General Inc. and dissident shareholder Harbinger Capital Partners both responded Tuesday to a
recommendation by RiskMetrics Group's ISS Governance Services that shareholders should vote for two of the three nominees that the activist hedge fund wants placed on Media General's board.
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The responses were along the lines of those issued Monday after another proxy advisory service, Glass, Lewis & Co. LLC, recommended shareholders elect a single Harbinger-designated nominee. Media General expressed disappointment Tuesday that ISS "failed to recognize the clear superiority of the Media General directors up for re-election."
Harbinger countered that the ISS report "validates our view that Media General and its board of directors will benefit from the outstanding experience, judgment, independence and accountability our nominees will bring to the table."
The proxy battle, which began last year after Harbinger began building its 21.4% economic stake in Media General, has been intensifying during the lead-up to Media General's annual shareholders meeting on April 24. - Richard Morgan
See press release from Harbinger
See earlier story from Dealscape
See Media General auction profile from AuctionBlock.com (subscription required)
