Blockbuster again urges 'no' on board activist
Dallas As part of the continuing coverage of Blockbuster’s upcoming June 24 shareholder vote, Blockbuster said Monday that two more proxy advisory firms support its position that its shareholders should not elect activist investor Gregory S. Meyer to its board.
Proxy Governance and Egan-Jones Proxy Services said Meyer's strengths are not relevant to the movie-rental company's needs at this time and he would be a distraction on the board, according to Blockbuster. Meyer founded a DVD rental kiosk business called DVDXpress, which he sold to Redbox operator Coinstar.
Meyer has argued that Blockbuster doesn't have a practical strategy for dealing with competition. He is trying to replace director Gary J. Fernandes.
Shareholders are scheduled to vote on board nominees during the June 24 annual meeting.