A more thorough explanation:

A proxy contest is a battle between two groups within a company to win the votes of shareholders who have not yet committed to either side. This usually happens when a group of shareholders disagrees with the company's managers and wants to make changes.

For example, if a group of shareholders thinks that the company's current management is not doing a good job, they might try to convince other shareholders to vote for their proposed changes. This could include electing new board members or changing the company's strategy.

Another example of a proxy contest is when a company is trying to take over another company. The two sides will try to win the support of shareholders in order to gain control of the company.

Proxy contests can be expensive and time-consuming, but they are an important way for shareholders to have a say in how a company is run.