Fewer seats to hedgie in ‘Ugg’-ly proxy fight

An activist hedgie in the midst of a proxy fight was a big loser on Monday — 10 days before shareholders vote.

Marcato Capital, led by Bill Ackman protégé Mick McGuire, said it would seek only three seats on the board of Uggs maker Deckers Outdoor — down from the nine it had sought earlier.

McGuire’s retreat comes days after proxy advisory firms ISS and Glass Lewis failed to endorse Marcato’s candidates.

Glass Lewis gave full support to Deckers’ board slate, while ISS told Deckers’ shareholders to vote for six of the company’s nominees — potentially paving the way for Marcato to win three board sets.

After Marcato’s move lessened the likelihood that McGuire would control the board, investors pushed Deckers shares up 3.1 percent, to $20.85.

“The best chance to effect meaningful change at Deckers and protect the value of each stockholder’s investment, is to reduce the number of nominees on our slate to three,” McGuire said in a letter to shareholders. The vote is set for Dec. 14.

Marcato is “trying to make use of ISS recommendations and make an easier route,” Bruce Goldfarb, of proxy advisory firm Okapi Partners, told The Post.

“It may have been a better move to use a short slate from the beginning,” Goldfarb said.

Meanwhile on Monday, Deckers reiterated its intention to find at least two new directors to serve on its board by next year’s annual meeting.