What is a proxy fight?

A proxy fight is a tactic used by an individual or group of shareholders to gain control of a company by soliciting votes from other shareholders. This usually occurs when there is disagreement between the current management of the company and the dissident shareholders.

In a proxy fight, the dissident shareholders typically launch a campaign to persuade other shareholders to vote in favor of their proposals, which may include replacing members of the board of directors, changing the company's strategic direction, or implementing other changes to improve the company's performance.

Proxy fights can be expensive and time-consuming for all parties involved, as they often involve legal battles, public relations campaigns, and other tactics to sway shareholder votes. Ultimately, the outcome of a proxy fight depends on the support of the company's shareholders and their assessment of the proposed changes.