Snyder Capital Management, Institutional Shareholder Services and CalPERS all favor a dissident slate of directors nominated by Elliott Associates and Elliott International to the board of Metromedia International Group, whose annual shareholder meeting is Oct. 9.
Snyder owns 7.6% of Metromedias stock, plus 8.5% of its convertible preferred shares. The $155 billion California Public Employees Retirement System, Sacramento, owns about 0.8% of the stock. The two Elliott firms, both affiliated hedge funds, own about 4% of the stock. ISS is a leading proxy-voting advisory service.
"Shareholder value has eroded by over 85% between November 1995, when MMG in its current form began public trading, and Sept. 10, said Richard A. Bennett, principal of Lens Investment Management, which was retained by the Elliott firms.
Elliott nominated Robert A.G. Monks, Lens chairman, and Robert B. Holmes, a Lens principal.