Brattleboro Reformer is reporting that John Field, an investor in Mount Snow’s parent company, Peak Resorts, is seeking to stop a vote on whether it will merge with Vail Resorts.
Field’s accuses Peak Resorts executives and its board of directors of not fully disclosing information pertaining to potential conflicts of interest of management and the board concerning the $463.6 million transaction.
Field’s attorney Matthew L. Dameron of Williams Dirks Dameron LLC said in a statement that Peak Resorts management and the board have omitted or misrepresented material information concerning, “the valuation analyses prepared by the company’s financial advisor Moelis & Company LLC in connection with the rendering of its fairness opinion; and company insiders’ potential conflicts of interest.”
Field’s believes stockholders need to understand potential conflicts of interest of management and the board, as that information provides illumination concerning motivations that would prevent fiduciaries from acting solely in the best interests of the company’s stockholders.
The company runs 17 ski resorts in the country and has not yet filed a response in court.