Fermi Wins Support Of Major Shareholder Amid Ex-CEO Fight (2)

Fermi Inc. has won the backing of its second-largest shareholder as its former chief executive officer seeks a special meeting to seize control of the data-center developer’s board.

Caddis Capital, which owns a 9.3% stake, supports the ousting in April of former CEO Toby Neugebauer and opposes his push to appoint new directors and put the company up for sale, according to a statement Monday, confirming a Bloomberg News report.

“Fermi’s recent market valuation has been materially disconnected from its intrinsic value and does not reflect the strength of its underlying assets,” Caddis Managing Partner Griffin Perry said in the ...