Box shareholers re-elect company directors; Starboard fails to win any seats

:Box Inc won a proxy contest against Starboard Value after the cloud services provider's shareholders backed all three board directors the hedge fund was challenging, Box said on Thursday.

Starboard, which owns an 8.4per cent stake in Box, has not lost a proxy vote in nearly a decade and is known in the industry for having won big victories at Darden Restaurants in 2014 and at GCP Applied Technologies last year. It traditionally wins more board seats than any other activist investor, according to bankers and analysts.

Starboard was especially concerned with a US$500 million convertible preferred offering led by private equity giant KKR, which the hedge fund described as a defensive tactic.

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