Proxy adviser Glass Lewis recommended that Buffalo Wild Wings' (BWLD) shareholders vote for the company's slate of directors, and not for nominees brought forth by activist hedge fund Marcato Capital Management.
Glass Lewis asserts that Marcato, which owns a 9.9% stake in Buffalo Wild Wings, has failed to make a compelling argument for making changes to the board.
"We believe the dissident's nominees, other than the one also nominated by the company, either have experience that would not be additive to the refreshed board or potential conflicts which weakens their candidacies," Glass Lewis said.
The recommendation comes just days after proxy advisory firm Institutional Shareholder Services urged investors to vote for a board of directors nominated by Marcato.
"The dissident has presented a compelling case that additional board change is warranted," ISS argued.
Shares of Buffalo Wild Wings were moving lower during early morning trading on Friday.
Stocks have rebounded following a sharp sell off last week. Jim Cramer believes the rebound is real and gives investors advice on how to play the market going forward.