The five nominees by New York-based hedge fund firm Jana Partners were all denied to the board of Canadian fertilizer company Agrium on Tuesday.
In a statement released Tuesday afternoon, Calgary-based Agrium said that the nominees by Jana, a 4% stakeholder in the fertilizer company, received less than 25% of the votes cast. 116 million shares were voted, representing approximately 77% of the 149 million shares eligible to vote.
All 12 incumbent nominees were reelected to Agrium’s board.
The Globe and Mail reported that Jana founder Barry Rosenstein has called the reelection “tainted” and accused Agrium of lobbying votes after the cut-off to have votes for Jana directors have been revoked.
In an e-mailed statement to eVestment, Agrium called “Jana’s pursuit of Agrium severely misguided from the beginning.”
eVestment previously reported that Jana has been vying for Agrium to run its business in a different way to increase its stock value.
An activist hedge fund, Jana has about $4.1 billion in AuM.