Vail Resorts is having a good day on Wall Street for a change.
The Broomfield-based company’s stock has taken a beating in recent years as investors sour on its growth prospects. Bad press, long lift lines, sagging season pass sales and one of the worst snow years on record last winter have all taken a toll.
Vail’s share price has been roughly cut in half in the past five years.
But the ski giant’s stock jumped more than 5% Friday. It’s not always obvious what Wall Street investors are reacting to. But Friday’s move coincides with the company announcing a slate of new nominations to its board of directors, including skiing legend Picabo Street.
Oasis Management is pushing the nominations. It’s the Vail shareholder at the center of reports of a plan to force Vail to make changes such as selling off resorts. Vail isn’t obligated to put Oasis’ candidates on the board. But the fact that Oasis is pushing for them implies a more serious effort is afoot to force change at the resort giant.
Oasis, a hedge fund based in Hong Kong, specializes in buying up company shares and pushing for change. In addition to Street, Oasis nominated former Disney CEO Robert Chapek and two finance professionals.
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