Superior Winning Proxy FightFriday, August 15, 2014
Superior Industries International Inc. announced on Friday that preliminary results indicate the company’s slate of candidates will be elected to the board of directors.
The Van Nuys manufacturer of aluminum car wheels is 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, proposed a slate of three new directors.
Superior said that more than 75 percent of the voting shares had been cast for the board’s slate of directors.
“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,” said Chairwoman Margaret Dano in a statement.
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 at the Airtel Plaza Hotel in Van Nuys. Final certified voting results are expected early next week.
Shares closed up 9 cents, or less than 1 percent, to $19.16 on the New York Stock Exchange.