It turns out that proxy battles north of the border are not decided "based on the number of votes received by these nominees and the typical turnout for contested Canadian elections," much to Jana Partners' chagrin.
Having triumphantly declared a partial victory on Monday—two outta five ain't bad—complete with press release, Barry Rosenstein & Co. are in the awkward position of having actually won zero out of five. Which is bad.
A day after the activist hedge fund claimed to have won two seats on the board of directors of Agrium Inc., the Canadian fertilizer company announced that it had, in fact, won none. Agrium said yesterday at it's annual meeting in Calgary, Alberta, that all five management-backed board nominees were re-elected....
Rosenstein, however, vowed that "this tainted vote isn't the end of the story." He blasted Agrium for tarring him as a "billionaire hedge fund manager" and claimed that Agrium had strong-armed its way to a victory.
"We have learned, however, that yesterday, three days after the vote deadline, votes for us were revoked, enough apparently to change the outcome of the vote," Rosenstein said.