Canyon Capital calls off proxy fight with Ambac
May 13 (Reuters) - Activist investor Canyon Capital Advisors LLC said on Friday it was dropping its proxy fight with Ambac Financial Group Inc and withdrawing its board nominee.
Cornwall Capital Management LP, which owns 4.9 percent of Ambac, had urged Canyon Capital on May 5 to drop its proxy fight with the bond insurer, saying it would be counterproductive.
Canyon, which also owns about 4.9 percent of Ambac, urged shareholders to vote against the Ambac board's proposal on management compensation.
Canyon Capital launched a proxy fight in March, urging leadership changes at Ambac.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D'Silva)
