ValueAct Capital Partners, which is the company's largest shareholder with a stake of 11.9%, has told Acxiom it is nominating three candidates for election to the company's board.
Three existing Acxiom directors, including Charles D Morgan, the chief executive and chairman since 1975, are seeking re-election in the election, to be decided at the company's annual shareholder meeting in May. The other two are independent directors Ann Die Hasselmo and William Henderson.
The candidates ValueAct intends to put forward include its own managing partner Jeffrey Ubben, who has criticised Acxiom's performance and led ValueAct's efforts to take control of it. The other two candidates are Lou Andreozzi, a former data industry executive who provides consulting services to ValueAct and Michael Lawrie, a ValueAct partner.
Acxiom's board rejected two $23 and $25 per share takeover attempts from ValueAct last year.
In a statement from Acxiom confirming it had received a letter from ValueAct outlining its intention to nominate candidates, Morgan defended the company's performance.
"In fiscal 2006, Acxiom realised a 23.5% increase in our stock price, an improvement better than the performances of 60% of companies listed on the Nasdaq exchange.
"In addition to the stock price increase, we generated record revenue, earnings and free cash flow in our third fiscal quarter," he said.
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