Their Turn: Harbinger Submits Proxy For NYTCo Board Noms; ‘A Message It Can’t Ignore’

Last week, NYTCo (NYSE: NYT) filed a preliminary proxy with a statement urging shareholders to disregard Harbinger’s proposed board nominees. Now the activist investors have filed their rejoinder. In addition to spelling out the case for its four board nominees, the filing walks through the complete timeline of events, starting when the group first started innocently accumulating shares on December 21. The first official communication between the companies was on January 25th, the day it made an official announcements of its intent. It also notes that last Friday, the day after the company told shareholders to reject Harbinger’s nominees, some members of management held a meeting with certain of the nominees to discuss digital strategy. Other highlights:

The argument: “Harbinger NY believes that the future of The New York Times depends on the willingness of its management and board of directors to take bold action to adapt to the changing media landscape. We believe that this challenge requires fresh, independent leadership in the boardroom. Toward that end, we have nominated four highly motivated and talented individuals who we believe will bring to the Company

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