One of this year’s most heated proxy fights has come to an end with Box shareholders electing all of management’s nominees, a blow to dissident Starboard Value, which last tasted defeat back in 2012. The company’s stock was down 4.5% as of 12:30 p.m. Thursday.

Box said on Thursday that its three board candidates – Dana Evan, Peter Leav, and CEO Aaron Levie – were re-elected at the annual meeting held the same day, based on a preliminary vote count. The cloud storage vendor added that the other proposals considered at the gathering were also approved.

In a letter commenting on the election results, 8.8% activist shareholder Starboard said the outcome was influenced by Box’s recent $500 million financing deal with KKR and share buybacks designed to silence dissent.

“We are certainly disappointed by the results of this election, which were heavily skewed by the voting rights tied to the preferred equity financing and the use of stockholder capital to aggressively repurchase shares ahead of the record date from stockholders likely to support change,” said Starboard’s Peter Feld, one of the activist’s three nominees.

Feld’s candidacy was backed by proxy advisers Glass Lewis and Egan-Jones, the latter fully supporting Starboard’s campaign. Another proxy advisory firm, Institutional Shareholder Services, issued a recommendation for all of management’s candidates. Despite these differences, all three firms were aligned in criticizing the Box-KKR arrangement, which Starboard repeatedly said was an entrenchment maneuver.

One of the most fearsome activists, Starboard first disclosed a 7.5% position at Box in September 2019 and around the same time began to agitate for operational improvements and other changes behind the scenes. In March 2020, the activist inked a settlement deal with Box, which agreed to add three new directors and create a board committee tasked with identifying ways to grow the business.

Feld said on Thursday that his firm’s involvement has led to positive steps on several fronts including profitability and governance and helped the stock. However, he argued that “there is significantly more to be accomplished and serious issues still exist” but expressed hope Box “will finally be able to follow through on its promises to drive improved results, accountability, governance, and compensation practices.”

So far this year, eight U.S.-based companies have survived a proxy contest unscathed, according to Activist Insight Online data, compared to six in the same period last year.