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Marcato Capital disposes stake in Deckers

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Marcato Capital disposes stake in Deckers

Marcato Capital Management LP on March 9 sold all its shares in footwear company Deckers Outdoor Corp. following months of dispute over the hedge fund's failed bid to replace the retailer's entire board.

According to regulatory filings, the asset management firm sold 2,702,531 shares, or a 8.5% interest, in Deckers. Marcato International Master Fund Ltd., a unit of the hedge fund, sold 2,556,294 of its Deckers shares from March 7 to March 9, while another Marcato unit, Marcato Encore Fund, on March 8 sold 146,237 shares.

The dispute dates back to October 2017, when the activist fund sued Deckers for its alleged lack of board oversight, which Marcato claims has led to the retailer's underperforming stock and falling profit margins.

During its annual meeting on Dec. 14, 2017, Deckers' shareholders re-elected nine directors to its board, despite Marcato arguing that its nominees would help improve the retailer's performance.

Marcato then settled call options on 750,000 Deckers shares on Jan. 19 for $80 apiece.