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Fisher calculates that the recent proxy fight cost it $1.4 million
Unhappy shareholder FrontFour Capital was pushing Seattle-based Fisher Communications to take some decisive action, though its argument varied between selling the company and complaining that Fisher had overpaid for some acquisitions. The Seattle Times has CEO Colleen Brown's estimate of the eventual cost of the fight: $1.4 million, for a company that had total 2010 revenues of about $176 million. FrontFour's David Lorber was already on the board, and he put forward a slate of four candidates against the four backed by Fisher management. The outcome was a drew (each side got two seats), but it was expensive for Fisher both in monetary terms and the cost of management time. FrontFour supported an effort by Canada's Huntingdon Real Estate Investment Trust (which it controls) to buy Fisher late last year. That informal offer was at $23.99 a share. Fisher CEO Brown said that was too low. As the TRI Newsletter from Radio-Info.com reported this morning, Fisher stock ('FSCI") closed out the first half of the year, last Thursday, at $29.82. Follow the Fisher stock ("FSCI") yourself, here. In Seattle, Fisher's radio interests include news/talk KOMO-AM (1000) and hot AC KPLZ (101.5).
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