It is unclear whether California-based Masimo Corp.’s annual meeting next month will resolve any of the issues that have bedeviled its relationship with Politan Asset Management, one of its largest shareowners. The rancor between the two has become increasingly boisterous and now seems ready to burst into a full-blown proxy battle. No doubt, the repercussions of the looming battle will be felt literally beyond the boardroom walls in Irvine.
Proxy wars are rare, in part because no-one likes the enmity they inevitably engender. Aside from creating factions among normally cordial directors, the bad blood they foster is often enduring long beyond the shareowner voting.
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