Coinstar Inc. on Wednesday again urged shareholders to vote in favor of the coin-machine operator's independent director nominees at its annual meeting on June 3.
"Your board of directors and management team are successfully executing Coinstar's goals, as demonstrated by the approximate 200 percent increase in Coinstar's stock price since mid-2003," wrote Chairman Keith D. Grinstein and Chief Executive David W. Cole in a letter to shareholders.
Coinstar is embroiled in a proxy contest with shareholder Shamrock Activist Value Fund, which owns a 13.3 percent stake in the company and is pushing to elect three directors to the board. On Tuesday, the dissident investor sent its own letter to shareholders urging them to vote for its candidates, saying Coinstar is at a "critical inflection point" in its business and needs direct investor representation on the board.
Earlier this month, Coinstar reported profit and sales growth above Wall Street's expectations. The company also raised its full-year guidance.
"This performance is just the latest example of your board's and management's record of operational, financial and strategic execution," the letter said. "We are confident that Coinstar is solidly positioned to build on the progress we have made and deliver even greater value in the future."
Coinstar shares gained 17 cents to $36.70 in afternoon trading.
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