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American Vanguard Activist Claims Victory in Proxy Battle

Cruiser Capital Master Fund LP said it’s won the election of three of its proposed nominees to the board of directors at Newport Beach-based American Vanguard Corp. (NYSE: AVD).

Cruiser, which owns about 2.5% of AVD’s outstanding shares, said stockholders have “decisively” voted to remove three of American Vanguard’s incumbent directors and replace them with all three of Cruiser’s nominees: Mark Bassett, Pat Gottschalk and Keith M. Rosenbloom.

“Today’s vote is a clear signal that stockholders want to see meaningful change at American Vanguard and are ready for fresh perspectives to be heard in the boardroom,” Cruiser Capital founder Rosenbloom said in a statement.

Cruiser said American Vanguard, which provides products such as mosquito controls and herbicides to protect crops like soybeans and corn, has the potential to reach $55 to $60 a share by 2025.

After today’s announcement, shares were flat at $24.73 and a $762 million market cap.

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Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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