Market Chatter: Activist Hedge Fund Jana Accuses Agrium of Buying Votes in Proxy Fight
"Agrium says it will pay a fee to brokers and investment advisers whose clients side with the fertilizer giant in a nasty proxy battle, which is likely to be resolved by shareholder vote next Tuesday," Canadian Press reported.
It said: "But Jana Partners LLC, the New York activist hedge fund looking to install five directors to Agrium's board, says the move is the company's attempt at "vote buying." However, Agrium calls Jana's accusations "baseless." It says enlisting the help of a dealer solicitation group is a common practice and there's nothing untoward about it."
AGU shares were down 1% to $98.12.
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