A financial services company has negotiated a pact that should end a proxy fight with a major investor.
Phoenix Companies Inc., Hartford, and Oliver Press Partners L.L.C., New York, a money manager that owns about 5% of the company’s common stock, today announced that Phoenix will let Oliver Press put Augustus Oliver and Arthur Weinbach on the Phoenix board.
Oliver is a principal at Oliver Press.
Weinbach is chairman of Broadridge Financial Solutions Inc., Lake Success, N.Y., a company spun off from Automatic Data Processing Inc., Roseland, N.J., that sells support services to financial services companies.
For the past few weeks, Oliver Press has been asking Phoenix shareholders to elect Augustus Oliver and 2 other board nominees, Carl Santillo and John Clinton.