Oasis Asks Vail Shareholders To Elect Two Directors, Says Stock Is Down More Than 50% In Five Years
The activist fund, which holds about 9.6% of Vail Resorts, urges a vote for Robert Chapek and M. Ashton Hudson on the BLUE card.
Oasis Management, the activist fund that holds about 9.6% of Vail Resorts, asked shareholders on Monday to elect two directors, former Disney CEO Robert Chapek and M. Ashton Hudson, at the company's December 14 annual meeting. Its letter says Vail's stock has fallen more than 50% in five years, erasing more than $8 billion of market value.
The case against Vail's board
Oasis told shareholders to vote FOR Chapek and Hudson on the BLUE proxy card, according to its announcement. The fund also launched a website, liftingthevail.oasiscm.com, to press its case.
The letter argues that shareholder returns trailed the company's chosen peers. Oasis says those returns came alongside falling skier visits, pass unit sales and resort EBITDA margins. It also says Vail cut earnings guidance twice in each of the last three fiscal years while missing the initial midpoint.
Seth Fischer, Oasis founder and chief investment officer, framed the campaign as repair, not dismantling: "Our goal is to make Vail Resorts better, not break it up." Oasis estimates its funds' Vail stake is worth more than half a billion dollars.
A shrunken slate and a board fighting back
Oasis first nominated four candidates in September and has since halved the slate, Reuters reported.
Vail's board has urged shareholders to back all nine of its own nominees on the WHITE card. It links Oasis to Cloudflare CEO Matthew Prince, a Vail critic who has denied coordinating with the fund.
Baron Capital, which said it held 18% of Vail at the end of June, said it will back management.
The business under dispute
Vail Resorts owns and operates 42 destination mountain resorts and regional ski areas, plus lodging and real estate near them. Its Mountain segment, which earns from lift tickets, season passes, ski school, dining and retail, made up about 88% of net revenue in the fiscal year ended July 31, 2026. Its North American resorts logged about 13.1 million skier visits in the 2025/2026 season. The company's market value was $5.4 billion as of Monday's session.
Shareholders will pick between Oasis's two nominees and the board's nine at the December 14 annual meeting.
Sources
- DFAN14A — Oasis Management Co Ltd. re: VAIL RESORTS INC (MTN) — SEC EDGAR
- Activist Investor Oasis Cuts Its Slate of Director Nominees at Vail in Half — Reuters
- Oasis Management Sends Letter to Vail Resorts Shareholders in Connection with the Company's 2026 Annual Meeting – Company Announcement - FT.com — Financial Times
- Vail Resorts' Biggest Investor Backs Company in Fight With Activist Oasis — Reuters
- Baron Capital backs Vail Resorts board in proxy showdown with Oasis — Yahoo Finance
- Vail Resorts Files Definitive Proxy Expressing Confidence in its Board, Leadership, and Strategy to Deliver Long-Term Shareholder Value — prnewswire.com
