Shamrock Activist Value Fund on Tuesday urged Coinstar Inc. shareholders to vote for its three board nominees at the coin-machine operator's annual meeting on June 3.
In a letter to shareholders, the dissident investor said Coinstar is at a "critical inflection point" in its business and needs direct investor representation on the board.
If elected, the nominees will focus on strengthening corporate governance standards, optimizing compensation plans and improving operational performance and transparency in the company's communications with shareholders, Shamrock said.
Shamrock, which owns a 13.3 percent stake in the Bellevue, Wash.-based company, announced plans last month to nominate three directors.
Last week, Coinstar sent its own letter to shareholders urging them to vote in favor of its independent board nominees and reject Shamrock's candidates. Coinstar said its recently reported first-quarter results demonstrate the company's ability "to deliver superior operational and financial performance."
Earlier this month, Coinstar reported profit and sales growth above Wall Street's expectations. The company also raised its full-year guidance.
Shares fell 63 cents to $36.25 in midday trading.
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