Buffalo Wild Wings investor presentation May 2017
The company released an investor presentation calling out activist investor Marcato.

Buffalo Wild Wings released a 93-page presentation to the company’s investors highlighting the chain’s strengths while laying out the company’s reasons for shareholders to reject Marcato’s franchising and executive reorganization plans.

Marcato, which owns a 6.1 percent interest in Buffalo Wild Wings, has publicly challenged the company’s board to make leadership and structural changes that Marcato believes are necessary to increase shareholder value. Buffalo Wild Wings countered that Marcato has rejected efforts by Buffalo Wild Wings to resolve the proxy fight.

 Buffalo Wild Wings investor presentation May 2017

Marcato has made its own appeals to Buffalo Wild Wings shareholders regarding why board-level change is necessary. In a letter to investors dated May 11 Marcato said: “You’ve heard a lot from both sides.  But what you have not heard from CEO Sally Smith, or any BWLD Board member, is how any of the Company’s current initiatives translate into quantifiable appreciation in equity value per share over any time period. “

Buffalo Wild Wings’ annual meeting is scheduled for June 2.