Daktronics feuds with largest shareholder over company leadership
Asset management firm plans to run directors for company board
A Texas asset management company that says it is the largest shareholder in Brookings-based Daktronics issued a scathing assessment of the company’s leadership this week, prompting a tit for tat exchange.
Alta Fox Capital Management, based in Fort Worth, vowed to use its 11.7 percent shareholder stake to nominate new board members for the company, a world leader in high-tech scoreboards and video displays. Alta Fox contends the company should be trading at about $40 a share, but because of “ineffective governance” the company’s share value is being dragged down.
The stock closed at $18.69 Wednesday, well above its 52-week low of $7.20.
