UGGS Outlet

Influential proxy advisory firm ISS recommended late Wednesday that shareholders vote for three nominees to the board of Deckers Outdoor that have been put forward by McGuire’s hedge fund, Marcato Capital.

“ISS’s recommendation validates our belief that change is needed on Deckers’ Board,” McGuire said in a statement Thursday.

ISS wasn’t always so supportive, and it took a drastic strategy shift by McGuire — who has been prodding Deckers to either sell itself or divest some of its non-core brands — for the proxy advisory firm to come around.

The hedgie had been thumping his chest for months, claiming that Deckers nine-member board needed a complete overhaul.

ISS instead urged shareholders to vote for six of Deckers’ nine nominees — only paving the way for three of Marcato’s nominees to potentially gain seats.

On Monday, with less than 10 days before the Dec. 14 shareholder vote, McGuire reduced its slate to three, saying it offered the “best chance” for a turnaround at the boot maker.

ISS’ issued its revised report in a move that was called “unusual but not unprecedented,” by Bruce Goldfarb, of proxy solicitor Okapi Partners.

“In this instance, Marcato made material changes to its slate at Deckers that were in line with the initial very specific preferences of ISS, so ISS revised its recommendation,” Goldfarb said told The Post.

Deckers meanwhile didn’t celebrate the decision.

“Deckers believes that the addition of Marcato’s nominees to the Deckers Board could result in significant disruption to the company’s ongoing successful transformation,” Deckers said in a statement Thursday.

 

Machine tool maker United Grinding Group (UGG) is planning a stock market listing in Zurich next year, as its owner is hoping to take advantage of high stock market valuations, people close to the matter said.

Germany’s industrial holding Koerber AG, which owns UGG, has asked UBS, Credit Suisse and Berenberg to organise the initial public offering as so-called global coordinators, they added.

Koerber declined to comment while the banks also declined to comment or were not immediately available for comment.

In autumn, Koerber launched a so-called dual track process, led by investment bank Macquarie, that also includes the possibility of an outright sale of the business.

Tentative bids for UGG, which may be valued at 9-11 times its expected earnings before interest, tax, depreciation and amortisation in a potential deal, are due before Christmas, the sources said.

Several private equity groups as well as strategic peers are expected to hand in offers, they added.