Oasis halves its Vail Resorts board slate to two, and both sides confirm settlement talks
The activist investor withdrew Picabo Street and Bryce Roberts, kept Robert Chapek and M. Ashton Hudson, and disclosed a confidentiality agreement with the company, while Vail Resorts filed its own definitive proxy backed by its largest shareholder. The Vail Tribune is an independent publication of Tribune Publications and is not affiliated with Vail Resorts.
The fight for the Vail Resorts board got smaller and quieter in the same week. Oasis Management, the manager of funds that own approximately 9.6 percent of the company's outstanding shares, has cut the number of directors it is asking shareholders to elect from four to two, according to its revised proxy filing of Oct. 30, its definitive proxy statement filed with the U.S. Securities and Exchange Commission on Nov. 2, and a letter to shareholders released on Nov. 2. The Oct. 30 filing also discloses that Oasis and the company signed a confidentiality agreement on Oct. 26 to facilitate discussions regarding a potential settlement of the proxy contest.
The two names that remain on the Oasis slate are Robert Chapek, the former chief executive of The Walt Disney Company, and M. Ashton Hudson. Withdrawn are Picabo Street, the Olympic gold medalist and former U.S. alpine ski racer, and Bryce Roberts, a venture capitalist and Park City resident. Both withdrawn nominees had been introduced to Oasis by Matthew Prince, according to the company's filings, and Prince has publicly stated a desire to acquire Park City Mountain. Oasis is now recommending that shareholders elect Chapek and Hudson and withhold support from two of the company's nine nominees, Peter A. Vaughn and Michele Romanow. Reuters, which reported the reduced slate on Nov. 2, described Oasis as the company's fourth largest investor, and the Oasis letter puts the value of its holding at more than half a billion dollars.
A six point plan, and a denial of the breakup charge
The Nov. 2 letter, issued by Oasis, whose founder and chief investment officer is Seth Fischer, moves the campaign from personalities to operations. It sets out six initiatives: new and expanded pass and ticket offerings and customer experiences; improved food and beverage quality, variety and value; expanded year round use of the company's mountain assets; a modernized marketing strategy aimed at locals, core customers and less frequent guests; a more compelling loyalty program; and upgraded technology for the customer experience and operational efficiency. The letter states that neither of the two Oasis nominees has ever spoken with Mr. Prince, and that the Oasis plan does not include moving to an asset light model.
Our goal is to make Vail Resorts better, not break it up.
Seth Fischer, Founder and Chief Investment Officer of Oasis Management, in the Nov. 2, 2026 letter to Vail Resorts shareholders
The company answers with its own filing and its largest shareholder
Vail Resorts filed its definitive proxy statement on Oct. 30, urging shareholders to vote on the WHITE proxy card for all nine of the company's nominees at the annual meeting scheduled for Dec. 14, 2026, with a record date of Oct. 19, 2026. Asked about the smaller Oasis slate, the company told Reuters that dropping two candidates changed nothing.
The remaining Oasis nominees, Bob Chapek and Ashton Hudson, do not have the right experience, understanding of the company or track record on governance to be on the Vail Resorts Board.
Vail Resorts, in a statement reported by Reuters on Nov. 2, 2026
The company's filing also carries a public commitment from its largest shareholder. Ron Baron, the founder of Baron Capital, which holds about 18 percent of the company and is described in the filing as its largest and 30 year shareholder, said Baron Capital will vote for the company's nominees and that he strongly opposes the Oasis candidacies. A settlement, if the two sides reach one, could still end the contest before Dec. 14. Neither side has announced an agreement, and both proxy campaigns, the company's WHITE card and the Oasis BLUE card, remain active. The Vail Tribune is an independent publication of Tribune Publications and is not affiliated with Vail Resorts, Inc., which owns and operates Vail Mountain and Beaver Creek Resort.
Under the proven leadership of CEO Rob Katz, I believe that Vail Resorts has the right strategy to return to sustainable earnings growth and that there are meaningful opportunities that are not reflected in the stock today.
Ron Baron, founder of Baron Capital, in a statement carried in the company's Oct. 30, 2026 proxy filing release
