Starboard Value countered quickly in its proxy fight with Regis Corp. Regis sent a letter to shareholders Wednesday asking them to vote for the hair-salon company's nominated slate of directors at the upcoming shareholders meeting later this month.

Starboard, an activist investor that has obtained a 5.2 percent stake in Regis, responded with a 40-page investor presentation that it included in a Securities and Exchange Commission filing late Wednesday. The slide-show presentation detailed "why real change is required at Regis now."

Starboard lays out in detail the reasons it feels that the company has under-performed and how the current board of directors and management have destroyed shareholder value.

The filing emphasizes arguments Starboard has made previously about high overhead costs, slumping sales and high executive compensation at Regis. It also urges shareholders to support Starboard's three nominees to the company's six-member board. The filing is available at the SEC's website:

Patrick Kennedy • 612-673-7926