fbpx
Wikipedia

Elliott Investment Management

November 19, 2023

Elliott Investment Management is an American investment management firm. It is also one of the largest activist funds in the world.[4]

Elliott Investment Management
TypePrivate
IndustryInvestment management
Founded1977; 46 years ago (1977)
in New York City
FounderPaul Singer
HeadquartersWest Palm Beach, Florida, U.S.
Key people
  • Paul Singer (co-CEO)
  • Jonathan Pollock (co-CEO)
Services
Revenue US$115 million (2020)
AUMUS$71 billion (2022)
OwnerElliott Capital Advisors, L.P.
Number of employees
482 (2022)
SubsidiariesEvergreen Coast Capital Corp., Waterstones, Elliott Advisors, NML Capital, Premier Asset Management
Websiteelliottmgmt.com
Footnotes / references
[1][2][3]

It is the management affiliate of American hedge funds Elliott Associates L.P. and Elliott International Limited. The Elliott Corporation was founded by Paul Singer, who is CEO of the management company, based in New York City. As of the first quarter of 2015, Elliott's portfolio is worth over $8 billion.[5][6]

By 2009 "more than one-third of Elliott’s portfolio was concentrated in distressed securities, typically in the debt of bankrupt or near-bankrupt companies."[7][8][9][10][11]

In October 2020 Singer announced that his firm was relocating its headquarters to West Palm Beach, Florida.[12]

Overview edit

Singer created Elliott Associates in January 1977,[13] starting with $1.3 million from friends and family and choosing the Elliott brand as it is his middle name.[14] In its earliest years, the firm focused on convertible arbitrage. Since the 1987 stock market crash and early 1990s recession, however, the firm has transitioned into a multi-strategy hedge fund.[15][16] Elliott Associates manages $8.6 billion and is Elliott Management's primary domestic fund.[17]

The firm is currently closed to new investors. As of mid-2008, Elliott counted 175 employees in New York City, London, Tokyo and Hong Kong[16] and is one of the oldest hedge funds under continuous management.[18]

In a November 2014 investment letter, Elliott described optimism about U.S. growth as unwarranted. "Nobody can predict how long governments can get away with fake growth, fake money, fake jobs, fake financial stability, fake inflation numbers and fake income growth," Elliott wrote. "When confidence is lost, that loss can be severe, sudden and simultaneous across a number of markets and sectors."[19]

In 2015, Institutional Investor/Alpha magazine gave Elliott an A grade and the #9 ranking among hedge funds worldwide.[20]

Elliot Investment became the preferred bidder for a stake in Manchester United football club on 14 October 2023. Their bid for the club values the club at 7.9 billion dollars. They will take a 30% stake in the club and help the club refinance and restructure debt and look at options to increase revenue through ticket pricing, merchandising and marketing partnerships across the globe.

Equity partners edit

Elliott has seven equity partners.[21] Paul Singer and Jonathan Pollock are co-chief investment officers; Gordon Singer, Paul Singer's son, manages Elliott’s London office. Former senior portfolio manager Steven Kasoff, whose retirement was announced in April 2020, was named an equity partner in January 2015.[22][23] Steve Cohen, Dave Miller, Jesse Cohn and Zion Shohet are also listed as equity partners at the firm, as of November 2020.[21]

Affiliates and units edit

  • Hambledon, Inc. is a Cayman Islands corporation controlled by Singer.[24]
  • NML Capital is a subsidiary of Elliott Management.[25]
  • Kensington International Ltd. is a subsidiary of Elliott Management.[26]
  • Maidenhead LLC and Warrington LLC are US entities that are controlled by Singer.[27]
  • Elliott Advisors (UK) Ltd. is "a London-based advisor to Elliott."[28]
  • Elliott Advisors (HK) Limited is "the Hong Kong arm of Elliott Management."[29]
  • Manchester Securities Corporation.

Investments edit

Early activities edit

Early in its history, Elliott focused on convertible arbitrage, refocusing primarily on distressed debt investing following the 1987 stock market crash and early 1990s recession. Elliott is known for restructuring such U.S. firms as TWA, MCI, WorldCom, and Enron[30] as well as overseas companies including Telecom Italia SpA and Elektrim.

Twitter edit

In February 2020, Elliott Management, with about $2 billion in shares, nominated three directors to the board of Twitter Inc.[31] The Wall Street Journal then reported that Singer wants to replace Jack Dorsey, due to Dorsey's workload as CEO of both Twitter and Square, and his potential move to Africa.[32] In April 2021, Elliott's directors planned to step down from the board after Twitter's stock performance rose 95% in 2020.[33]

Elliott's February 2020 purchase of Twitter stock was at a per share price of about $36. Elliott exited Twitter in June 2022 shortly after Elon Musk made his tender offer,[34] when the share price was dynamic in the mid to high $45-$50 range, giving Elliott a gain over two years of approximately 33% on the investment.

Wella AG edit

In 2003, Elliott believed P&G was not offering a fair price to all preferred shareholders for the German hair products company Wella AG. Elliott joined other funds in opposing the deal, including Germany's second-largest fund manager, Deka Investments. After several years of legal and shareholder battles, P&G raised its offer for Wella AG for all preferred shareholders.[16] According to the Börsen-Zeitung, Elliott said its goal was to "protect the rights of minority shareholders."[35]

Shopko edit

In April 2005, the Wisconsin-based retail chain Shopko announced that it had agreed to be acquired for approximately $1 billion by a private equity firm at a price of $24 per share.[36] This and a subsequent offer at $25 were rejected, according to the Milwaukee Business Journal, "after several dissident shareholders threatened to vote down the transaction, claiming the bid was too low." Elliott joined other hedge funds in opposing the sale because it felt the price was too low and because it had concerns about conflicts of interest on the board.[37][38] Elliott eventually participated in purchasing ShopKo at $29 per share.[39]

Adecco edit

The human resource consulting company Adecco announced in January 2006 it had secured a 35 percent stake in DIS AG, at a price of €54.5 per share, making an offer at that price for all shares.[40] The company also announced that the DIS CEO and CFO had signed lucrative management agreements that eventually would make them CEO and CFO, respectively, of Adecco.[41] Adecco attempted to de-list DIS but was blocked in court by a number of hedge funds, including Elliott. The funds also raised concerns about conflict of interest by the CEO and CFO. Eventually Adecco offered €113 per share, which was accepted.[40]

Novell edit

In March 2010, Elliott bid $5.75 per share for software company Novell. Although Novell rejected the offer, Elliott "welcomed" the decision to sell the company.[42]

Vinashin edit

In December 2011, it was reported that Elliott was suing the Vietnamese shipbuilding firm Vinashin in a British court. The company had defaulted a year earlier on a $600 million loan backed by the Vietnamese government, then offered to pay bondholders 35 cents on the dollar. Elliott sued for the full amount.[43] In April 2012 Elliott dropped the case.[44]

Compuware edit

It was reported in December 2012 that Elliott, which already had an 8% stake in Compuware, had offered to buy the company for $11 a share in cash.[45]

Hess Corporation edit

In late 2012, Elliott criticized the oil company Hess for its use of capital and for being "distracted" from oil exploration and production by other activities. In January 2013, Elliott called on Hess to sell certain assets and asked Hess investors to vote for five new directors as part of an effort to reconfigure the oil firm and thus boost its share price.[46] "Buried within Hess Corp. is one of the premier U.S. resource play-focused companies," Elliott wrote.[47]

In March, Hess announced that it was acting on some of Elliott's suggestions, but Elliott said that Hess's changes fell far short of what was needed.[48] In April, it was reported that Hess would close its London office on Elliott's advice.[49] Hess has been a "top pick" for Elliott since 2013.[50] As of the fourth quarter of 2014, Elliott owned 17.8 million shares of Hess, worth $1.3 billion, making it Elliott's largest holding.[6]

Sanko Steamship edit

In late 2013 Elliot took control of the bankrupt Japanese shipowner Sanko and proceeded to close the majority of the overseas offices of that Company. Elliot eventually asset stripped the company's overseas properties and any equity left in the Companies vessels.[51] On 1 April 2012 Sanko had either managed or owned a fleet of 185 ships, which included 46 tankers and 27 dry bulk carriers.[52] By early 2019 this had been reduced to just 5 bulk carriers.[53]

Interpublic Group edit

In summer 2014, Elliott disclosed a 6.7% stake in Interpublic Group of Companies, an ad agency holding company, and "a person briefed on the matter said Elliott planned to call on the company to sell itself to one of its competitors".[54]

Pernod Ricard edit

In December 2018, Elliott purchased a 2.5% stake in Pernod Ricard.[55]

Sigfox edit

Main article: Sigfox

Elliott is one of several firms that, according to a February 2015 report, have invested in the Sigfox cellular network, which serves France, Spain, the UK, and the Netherlands.[56]

Solar projects in UK edit

In February 2015, the Telegraph reported that Elliot Management's UK arm, Elliott Advisors (UK) Limited, had put money into half a dozen unnamed solar-power projects in that country, and that it had "hedged its bets by taking out short positions in five other renewable energy funds listed on the London stock market."[57]

Comcast edit

In September 2015, Elliott purchased a 1,940,642-share stake in Comcast, a Philadelphia-based mass media company, for an average price of $58.68 a share. This transaction had a 1.65% impact on Elliott's portfolio.[58][59]

CDK Global LLC edit

Elliott acquired a 4% stake in CDK Global in May 2015.[60] As of September 2016, it held a 5.4% stake in the company and is the third-largest shareholder.[61]

On 4 May 2016, Elliott sent a letter to CDK Board of Directors outlining steps they felt were required in order to meet projected ROI and margins. Quoting "a plan for CDK to optimize its business operations and drive a meaningful improvement in shareholder value."[62]

On 8 June 2016, Elliott sent a letter to CDK Board of Directors advising that "CDK adopt the steps in the Value-Maximizing Plan without delay" due to share-holder support of the plan in the 4 May letter.[63]

Telecom Italia edit

In May 2018, Elliott Management won a battle for control of Telecom Italia, controlling two-thirds of Telecom Italia's board seats.[64]

Samsung edit

In the summer of 2015, Elliott, then a major investor in Samsung's construction division, opposed efforts by acting Samsung head Jay Lee who sought to have one part of the firm purchase the construction unit for $8 billion. Despite Elliott's opposition, the merger went through and Elliott sold its shares. Two years later, Lee was convicted of bribery and imprisoned after it was shown he had bribed a friend of South Korea's president to secure the merger.[65]

Cabela's edit

In October 2015, Elliott disclosed an 11.1 percent stake in Cabela’s, an outdoor recreation and clothing retailer, reporting that it is seeking to engage the company's board to discuss strategies and a potential sale of the company.[66][67]

Elliot Management, in particular a Paul Singer expose on Tucker Carlson, was criticized for their handling of Cabela's headquarters following the acquisition and sale to Bass Pro Shops, due to the massive layoffs in the town of Sidney, Nebraska.[68]

PulteGroup edit

In July 2016, Elliott persuaded the PulteGroup, a home builder in which it owns 4.7%, to add three new board members, cut investments in new land, and buy back shares.[69]

Alcoa edit

After buying a stake in Alcoa (now Arconic) that earned it three board seats, Elliott forced a restructuring, after which Elliott was able to sell its stake at a 104% profit.[70]

athenahealth edit

In 2017–2018, under pressure from Elliott, athenahealth undertook substantial cost-cutting measures, and co-founder Jonathan S. Bush resigned.[71]

AT&T edit

In September 2019, Elliott Management published an activist investor letter addressed to the AT&T board of directors, asserting what Elliott called "a compelling value-creation opportunity" at AT&T. Elliott stated it had accumulated $3.2 billion of AT&T stock (1.2% equity interest).[72]

JW Marriott Desert Ridge Resort & Spa edit

In September 2019. a joint venture among funds managed by Trinity Real Estate Investments LLC and funds managed by Elliott Management Corporation today announced the acquisition of the JW Marriott Desert Ridge Resort & Spa, the largest resort in Phoenix.[73][74]

Energy Future Holdings edit

As of August 2017, Elliott owned enough of Energy Future Holdings's debt to block a Berkshire Hathaway takeover bid, which had made an offer the previous month to salvage the heavily indebted firm.[75]

Mentor Graphics Corp. edit

Elliott bought 9% of Mentor Graphics Corp. in 2017, then pushed for a takeover by Siemens. Elliott earned a 68% profit.[70]

NXP Semiconductors NV edit

In November 2017, Elliott and UBS Group AG collaborated in an effort to bring up the purchase price of NXP Semiconductors NV, which Qualcomm was seeking to buy.[76]

Oncor Electric Delivery edit

In August 2017, Elliott, which held $1.8 billion in debt related to Oncor Electric Delivery, a Texas transmission and distribution electric utility, sought to block Berkshire Hathaway's bid to acquire Oncor.[77]

Akzo Nobel edit

In August 2017, Akzo Nobel, a Dutch paint and chemicals company, said it had ended a dispute with Elliott. PPG Industries, an American rival, had sought to take over Akzo Nobel, Elliott had urged talks between the two and eventually took legal action as part of an effort to replace Akzo Nobel’s chairman, Antony Burgmans. During the conflict, Elliott became Akzo Nobel’s top shareholder, with a stake of about 9%.[78]

Waterstones edit

In April 2018, Elliott bought a majority stake in Waterstones, leaving Alexander Mamut's Lynwood Investments with a minority holding.[79] The sale completed in May 2018. James Daunt will remain as chief executive.[80]

AC Milan edit

In July 2018, Elliott Management took ownership of Italian football club A.C. Milan with a 99.93% stake in the club, after previous owner Li Yonghong defaulted on a €415M debt to Elliott. Elliott immediately started dismissing board members at Rossoneri Sport Investment Lux, the company through which Li Yonghong held AC Milan. On 10 July 2018, Paul Singer declared in an official statement to implant €50M of equity capital to stabilize the finances within the club.[81] In June 2022, RedBird Capital Partners agreed to acquire the club from Elliott for €1.2 billion.[82]

Barnes & Noble edit

On 7 June 2019, Elliott Management announced it would acquire Barnes & Noble for around $683 million.[83] On 7 August 2019, Elliott Management completed the acquisition of the company.[84] James Daunt will be CEO of both Waterstones and Barnes & Noble and will relocate from London to New York.[85] On 7 August 2019, Barnes & Noble became a privately held, wholly owned subsidiary of Elliott.[85]

Softbank Group edit

In February 2020, it was reported that Elliott Management built a more than $2.5 billion stake in the Japanese conglomerate Softbank Group.[86] In August 2022, Financial Times reported that Elliott had sold almost all its shares in SoftBank purportedly after losing conviction in Masayoshi Son's ability to lead a turnround.[1]

Time Equities edit

Since 2010, Elliott Management has expanded into investing in distressed real estate. It has been active in Japanese and German real estate and in 2015 viewed Spain and Italy as offering attractive investment opportunities.[22] According to The New York Times, it has "teams of analysts and portfolio managers in London, Hong Kong and Tokyo and investments worth more $2 billion." In the U.S., it "has focused on filling in the gap where banks have had to rein in their lending by participating in direct financing with developers."[87]

In 2013, Elliott Management teamed up with Time Equities on a 63-story commercial and real estate project in New York, and took an ownership stake in Silverpeak Real Estate Finance, a commercial real estate lender.[87]

The New York Times reported in May 2014 that Elliott Management was financing the development of 5 Beekman Street, a 130-year-old building at the site of one of Manhattan’s first skyscrapers, into a 287-room hotel and 46-story condominium called the Beekman. The project would be carried out by GFI Capital Resources, a New York real estate company.[87]

Sovereign debt edit

A portion of Elliott's distressed securities trading has been in sovereign debt.[88]

In 1995, Elliott bought $20 million face value of defaulted Peruvian bank debt. In 1998, after extensive litigation and numerous attempts by Elliott to settle, the court awarded the hedge fund $58 million, including past due interest.[89][90]

After Argentina defaulted on its sovereign debt in 2002, Elliott, which owned Argentinian bonds with a nominal face value of $630 million now worth $2.3 billion, refused to accept Argentina's offer of less than 30 cents on the dollar. Elliott won judgments against Argentina in U.S. and U.K. courts but did not collect payment. In October 2012, an Elliott subsidiary, NML Capital, arranged for the seizure in Ghana of the ARA Libertad, an Argentinian naval vessel, which it intended to confiscate in accordance with court judgments awarding it over $1.6 billion in Argentinian assets.[91] A November 2012 New York trial, which ended in a ruling for NML and against Argentina; legal experts called it the "sovereign debt trial of the century." In a letter published in the Financial Times, legal experts Andreas F. Lowenfeld and Peter S. Smedresman defended NML's position.[92]

Elliott exposed corruption in the Republic of the Congo in its efforts to enforce judgments totaling more than $100 million in defaulted bank debt.[93][94] In 2008, Elliott bought $32.6 million in loan debt incurred by Congo. In 2002 and 2003, a British court awarded Elliott more than $100 million for these debts. During the case, US President George W Bush used a constitutional clause preventing seizure of Congolese assets in the United States by the hedge fund.[95] Brice Mackosso, a campaigner for greater transparency and against corruption in the Congo Republic's government, stated that if it were not for funds like Elliott, "we would not know any facts about the way our country’s wealth is being taken away."[88] After Elliott's investigations produced evidence of corruption, the government settled for an estimated $90 million on debt for which Elliott paid less than $20 million.[14]

Alexion edit

Elliott acquired a position in Alexion Pharmaceuticals in 2017. In May 2020 Elliott Management again pushed for Alexion to sell itself, months after the drugmaker had rejected the hedge fund's earlier demand. Elliott argues that Alexion management's actions, including a recent move to acquire Portola Pharmaceuticals for about $1.4 billion, are leading in the "wrong direction." In December, Alexion's board unanimously rejected a recommendation by Elliott to immediately launch a proactive sale.[96]

F5 Networks Inc. edit

In November 2020, Elliott Management invested in F5 after having "spoke to the software company’s management in recent weeks about ways to boost its lagging stock".[97]

Ahold Delhaize edit

In November 2021, Elliott Advisors announced that it is a large investor with a 3% economic interest in Europe's largest supermarket business, Ahold Delhaize, valued at approximately $1 billion.[98]

References edit

  1. ^ a b Massoudi, Arash (15 August 2022). "Hedge fund Elliott dumps SoftBank stake after souring on Masayoshi Son". Financial Times.
  2. ^ French, David (25 May 2022). "Hedge fund Elliott chases oil and gas deals, bucking Wall Street". Reuters.
  3. ^ "Elliott Management Corporation 2022 Form ADV" (PDF). U.S. Securities and Exchange Commission. 10 August 2022.
  4. ^ Stewart, Emily (20 June 2017). "Elliott Management: What is it, and who is behind it?". Australia: ABC News.
  5. ^ "Hedge Fund – Elliott Management". Insider Monkey. Retrieved 17 June 2015.
  6. ^ a b "Paul Singer Bio, Returns, Net Worth". Insider Monkey. Retrieved 16 April 2015.
  7. ^ Kouwe, Zachery (19 August 2009). "Summer Reading: Paul Singer's 2nd-Quarter Letter". The New York Times. Retrieved 24 February 2016.
  8. ^ Fuller, Jaime (4 April 2014). "Meet the wealthy donor who's trying to get Republicans to support gay marriage". The Washington Post. Retrieved 22 October 2015.
  9. ^ Armitage, Jim (25 June 2014). "Can you make an ethical case for vulture funds?". The Independent. Retrieved 29 November 2015.
  10. ^ Palast, Greg; O'Kane, Maggie; Madlena, Chavala (15 November 2011). "Vulture funds await Jersey decision on poor countries' debts". The Guardian. Retrieved 3 August 2015.
  11. ^ Sheehan, Michael (15 November 2011). "Vulture funds – the key players". The Guardian. London. Retrieved 10 June 2012.
  12. ^ Haag, Matthew; Rubinstein, Dana (22 October 2020). "Hedge Fund Magnate Is Moving His $41 Billion Firm From N.Y. to Florida". The New York Times. ISSN 0362-4331. Retrieved 26 October 2020.
  13. ^ "Company Overview of Elliott Management Corporation". Bloomberg Businessweek. Archived from the original on 16 June 2013. Retrieved 31 May 2013.
  14. ^ a b Celarier, Michelle. "Mitt Romney's hedge fund kingmaker". CNN. Retrieved 13 June 2013.
  15. ^ "Elliott Management Sends Letter to Board of Directors of EMC Corporation". Business Wire. 8 October 2014. Retrieved 16 April 2015.
  16. ^ a b c Foroohar, Kambiz (February 2008). (PDF). Bloomberg Markets. Archived from the original (PDF) on 10 July 2011. Retrieved 3 October 2010.
  17. ^ Copeland, Rob (7 July 2014). "Elliott Associates Hedge Fund Gained 4.6% in First Half". The Wall Street Journal. Retrieved 16 July 2014.
  18. ^ Barr, Alistair (11 December 2009), Hedge fund giant Elliott ramps up in wake of credit 'party', retrieved 3 October 2010
  19. ^ Bit, Kelly (4 November 2014). "Singer's Elliott Says Optimism on U.S. Growth Unwarranted". Bloomberg. Retrieved 16 April 2015.
  20. ^ Taub, Stephen. "The Hedge Fund Report Card" (PDF). Institutional Investor's Alpha. Retrieved 4 March 2016.
  21. ^ a b "Elliott Management Corporation: Who We Are". November 2020. Retrieved 11 November 2020.
  22. ^ a b Chung, Juliet (30 January 2015). "Elliott Management Names Fourth Equity Partner". The Wall Street Journal. Retrieved 16 April 2015.
  23. ^ Herbst-Bayliss, Svea. "Hedge fund Elliott's equity partner Kasoff retires -lette". NASDAQ. Retrieved 29 May 2020.
  24. ^ SEC. "Proxy Statement". UNITED STATES SECURITIES AND EXCHANGE COMMISSION. Retrieved 13 June 2013.
  25. ^ Kandell, Jonathan (23 February 2016). "How Macri Could Woo Singer and Other Bond Holdouts". Institutional Investor. Retrieved 24 February 2016.
  26. ^ "Vulture funds – the key players". The Guardian. London. 15 November 2011. Retrieved 13 June 2013.
  27. ^ MEDION AG (18 May 2012). . Archived from the original on 3 February 2013. Retrieved 13 June 2013.
  28. ^ Elliott Advisors (5 July 2012). (PDF). Reuters. Archived from the original (PDF) on 17 August 2018. Retrieved 13 June 2013.
  29. ^ Holland & Knight. . Archived from the original on 14 May 2013. Retrieved 13 June 2013.
  30. ^ Jinks, Beth (10 January 2014). "Elliott Funds' Flurry a 'Harbinger' of Activist New Year". Bloomberg News.
  31. ^ Driebusch, Corrie; Morris, Betsy (29 February 2020). "Elliott Management Nominates Four Directors to Twitter's Board". The Wall Street Journal. Retrieved 9 March 2020.
  32. ^ Brown, Abram (29 February 2020). "Twitter's Jack Dorsey Has A New Nemesis: Hedge Fund Billionaire Paul Singer". Forbes. Retrieved 2 September 2020.
  33. ^ "Elliott's Cohn Plans to Step Down From Twitter Board". Bloomberg.com. 1 April 2021. Retrieved 2 April 2021.
  34. ^ "Elliott exited Twitter during second quarter amid takeover frenzy, filings show". reuters.com. 15 August 2022. Retrieved 15 December 2022.
  35. ^ Waxley, Simon; Tuil, Frank (2 February 2005), "Rights for All – How the Fight for Wella is a View of the Future", Börsen-Zeitung
  36. ^ "New bidders propose $26.50 per share for ShopKo" (Press release). The Business Journal of Milwaukee. 3 October 2005. Retrieved 3 October 2010.
  37. ^ "Elliott Files Schedule 13D Disclosing Substantial ShopKo Ownership; Strongly Opposes Current Offer for the Company" (Press release). PR Newswire. 6 September 2005. Retrieved 3 October 2010.
  38. ^ Hajewski, Doris (7 September 2005), "ShopKo sale may be in danger", Milwaukee Journal Sentinel, retrieved 3 October 2010
  39. ^ "ShopKo agrees to $29 a share offer from Sun Capital", The Business Journal of Milwaukee, 18 October 2005, retrieved 3 October 2010
  40. ^ a b "Permission given to Adecco to Delist DIS", Borsen-Zeitung, 12 June 2008
  41. ^ "German DIS Minority Shareholders Oppose Swiss Parent Adecco", German Business Digest, 21 April 2006
  42. ^ Savitz, Eric (22 March 2010). "Novell: Elliott "Welcomes" Decision To Consider Possible Buyers". Retrieved 3 October 2010.
  43. ^ Luochang Yu, Bob (13 December 2011). "Elliott Associates Is Suing Vietnam-based Vinashin". Retrieved 13 June 2013.
  44. ^ "Elliott Ends Case Against Vietnamese Shipbuilder – FINalternatives". finalternatives.com.
  45. ^ Savitz, Eric (17 December 2012). "Compuware Gets $11/Shr Bid From Elliott Management". Forbes. Retrieved 13 June 2013.
  46. ^ DEALBOOK (29 January 2013). "Elliott Management Calls for Board Shake-Up at Hess". The New York Times. Retrieved 13 June 2013.
  47. ^ WSJ (29 January 2013). "Activist Investor Elliott Management Seeking to Remake Hess". The Wall Street Journal. Retrieved 13 June 2013.
  48. ^ BusinessWire (4 March 2013). "Elliott Management Responds to Hess Corporation Shareholder Letter and Presentation". Retrieved 13 June 2013. {{cite web}}: |last= has generic name (help)
  49. ^ The Telegraph (3 April 2013). "London Office Closure". The Daily Telegraph. London. p. 3. Retrieved 12 June 2013.
  50. ^ Erbar, Pablo (28 February 2015). "Billionaire Paul Singer is Bullish and Bearish About These Energy Stocks". Insider Monkey. Retrieved 16 April 2015.
  51. ^ Baltic Exchange London Private Members Report April 2016
  52. ^ Sanko Steamship Fleet List 2012
  53. ^ Sanko Steamship Fleet List jan 2019
  54. ^ de la Merced, Michael J., "Paul Singer Takes Stake in Advertising Titan Interpublic and Pushes for Sale", New York Times, 24 July 2014. Retrieved 2-014-07-24.
  55. ^ "Activist investor takes stake in Pernod Ricard". 12 December 2018.
  56. ^ Lunden, Ingrid (11 February 2015). "Sigfox Raises $115M To Take Its Internet of Things Network Global". Tech Crunch. Retrieved 16 April 2015.
  57. ^ Dakers, Marion (7 February 2015). "Hedge fund makes £100m bet on British solar power". The Telegraph. Retrieved 16 April 2015.
  58. ^ "Paul Singer Acquires Stake in Comcast". NASDAQ. 25 September 2015. Retrieved 27 September 2015.
  59. ^ "On Sale: Accumulation by this Activist Could Wake Up Sleepy Comcast (CMCSA)". Street Insider. 18 September 2015. Retrieved 27 September 2015.
  60. ^ "With Elliott Management, CDK Now Has Its Third Activist".
  61. ^ "CDK Global Inc. (CDK) Lowered to Hold at Zacks Investment Research".
  62. ^ "4 May etter to CDK Board of Directors" (PDF).
  63. ^ "8 June letter to CDK Board of Directors" (PDF).
  64. ^ "Paul Singer's Elliott Management wins bitter battle for control of Telecom Italia". CNBC. 4 May 2018.
  65. ^ Wieczner, Jen (15 December 2017). "Inside Elliott Management: How Paul Singer's Hedge Fund Always Wins". Fortune Magazine.
  66. ^ Moyer, Liz. "Elliott Management Takes 11% Stake in Cabela's". The New York Times. Retrieved 29 October 2015.
  67. ^ "Elliott Discloses 11.1% Stake in Cabela's". The Wall Street Journal. 28 October 2015. Retrieved 29 October 2015.
  68. ^ Couger, Charles (3 December 2019). "The death of Sidney, Nebraska: How a hedge fund destroyed 'a good American town'". Fox News. Retrieved 31 July 2020.
  69. ^ Allison, Kevin (22 July 2016). "Elliott Management Shows PulteGroup Founder How to Get Things Done". The New York Times.
  70. ^ a b "Paul Singers $2 Billion Bet". ValueWalk. 1 December 2017.
  71. ^ "Paul Singer, Doomsday Investor". The New Yorker. 20 August 2018.
  72. ^ "AT&T shares jump after activist Elliott Management takes $3.2 billion stake". CNBC. 9 September 2019.
  73. ^ "Elliott Management Corporation acquires the JW Marriott Desert Ridge Resort & Spa".
  74. ^ "Elliott Management Corporation today announced the acquisition of the JW Marriott Desert Ridge Resort & Spa".
  75. ^ Lauren Silver Laughlin (17 August 2017). "In Battle Over Texas Utility, Elliott Is Grasping at Straws". The New York Times.
  76. ^ Dana Mattioli & David Benoit (2 November 2017). "Elliott Management Enlists UBS in NXP Campaign". The Wall Street Journal.
  77. ^ "Steve Jordon".
  78. ^ Bray, Chad (16 August 2017). "Akzo Nobel Ends Feud With Elliott Management". The New York Times.
  79. ^ Hoggan, Karen (26 April 2018). "Waterstones bookshop chain sold to Elliott Advisors". BBC News. Retrieved 28 April 2018.
  80. ^ Eley, Jonathan (26 April 2018). "Activist fund Elliott buys British bookstore Waterstones". Financial Times. Retrieved 28 April 2018.
  81. ^ "Official: Elliott now own Milan – Football Italia". football-italia.net. 10 July 2018.
  82. ^ "Meet the dealmaker who bought AC Milan from Elliott Management". Financial Times. 4 June 2022.
  83. ^ Dwyer, Colin (7 June 2019). "Barnes & Noble Set To Be Sold To Elliott Management For About $683 Million". NPR. Retrieved 7 June 2019.
  84. ^ "Elliott Completes Acquisition of Barnes & Noble". Yahoo! Finance (Press release). 7 August 2019. Retrieved 7 August 2019.
  85. ^ a b "Elliott Completes Acquisition of Barnes & Noble". Bloomberg News. Business Wire. 7 August 2019. Retrieved 17 April 2021.
  86. ^ "Elliott Management Took a Stake in Struggling SoftBank. It Sees the Value Barron's Saw". Barron's. Barron's. Retrieved 7 February 2020.
  87. ^ a b c Stevenson, Alexandra (23 May 2014). "Elliott Management Backs Skyscraper Revival". The New York Times. Retrieved 16 April 2015.
  88. ^ a b Polgreen, Lydia (10 December 2007). "Unlikely Ally Against Congo Republic Graft". The New York Times. Retrieved 16 October 2013.
  89. ^ Bosco, David (11 June 2007), "The Debt Frenzy", Foreign Policy, retrieved 3 October 2010
  90. ^ Bosco, David (13 October 2009). "The Debt Frenzy". Foreign Policy. Archived from the original on 22 March 2021. Retrieved 17 April 2021.
  91. ^ Whitehouse, Kaja. "Argentina says 'Arrh, no!' to Paul Singer's $20 million demand for seized ship". New York Post. Retrieved 13 June 2013.
  92. ^ Lowenfeld, Andreas; Smedresman, Peter. "Understand the proper role of courts". Financial Times. Retrieved 24 February 2016.
  93. ^ The Debt Frenzy[permanent dead link], Foreign Policy, July/August 2007
  94. ^ The Debt Frenzy, MyWire, 1 July 2007
  95. ^ Palast, Greg (7 August 2014). "How Barack Obama could end the Argentina debt crisis". The Guardian. Retrieved 29 March 2016.
  96. ^ Elliott Advisors (UK) Limited. "Elliott Advisors (UK) Limited sent the following letter to the Board of Alexion today" (PDF). elliottletters.com. Retrieved 13 May 2020.
  97. ^ Driebusch, Corrie (8 November 2020). "Elliott Management Takes Stake in Software Company F5 Networks". The Wall Street Journal.
  98. ^ Eley, Jonathan (17 November 2021). "Elliott takes $1bn stake in Europe's biggest supermarket Ahold Delhaize". Financial Times. Retrieved 17 November 2021.

External links edit

  • Official website
  • Business data for Elliott Investment Management:
    • SEC filings

November 19, 2023
elliott, investment, management, american, investment, management, firm, also, largest, activist, funds, world, typeprivateindustryinvestment, managementfounded1977, years, 1977, york, cityfounderpaul, singerheadquarterswest, palm, beach, florida, peoplepaul, . Elliott Investment Management is an American investment management firm It is also one of the largest activist funds in the world 4 Elliott Investment ManagementTypePrivateIndustryInvestment managementFounded1977 46 years ago 1977 in New York CityFounderPaul SingerHeadquartersWest Palm Beach Florida U S Key peoplePaul Singer co CEO Jonathan Pollock co CEO ServicesHedge fundPrivate equityDistressed securitiesRevenueUS 115 million 2020 AUMUS 71 billion 2022 OwnerElliott Capital Advisors L P Number of employees482 2022 SubsidiariesEvergreen Coast Capital Corp Waterstones Elliott Advisors NML Capital Premier Asset ManagementWebsiteelliottmgmt wbr comFootnotes references 1 2 3 It is the management affiliate of American hedge funds Elliott Associates L P and Elliott International Limited The Elliott Corporation was founded by Paul Singer who is CEO of the management company based in New York City As of the first quarter of 2015 Elliott s portfolio is worth over 8 billion 5 6 By 2009 more than one third of Elliott s portfolio was concentrated in distressed securities typically in the debt of bankrupt or near bankrupt companies 7 8 9 10 11 In October 2020 Singer announced that his firm was relocating its headquarters to West Palm Beach Florida 12 Contents 1 Overview 2 Equity partners 3 Affiliates and units 4 Investments 4 1 Early activities 4 2 Twitter 4 3 Wella AG 4 4 Shopko 4 5 Adecco 4 6 Novell 4 7 Vinashin 4 8 Compuware 4 9 Hess Corporation 4 10 Sanko Steamship 4 11 Interpublic Group 4 12 Pernod Ricard 4 13 Sigfox 4 14 Solar projects in UK 4 15 Comcast 4 16 CDK Global LLC 4 17 Telecom Italia 4 18 Samsung 4 19 Cabela s 4 20 PulteGroup 4 21 Alcoa 4 22 athenahealth 4 23 AT amp T 4 24 JW Marriott Desert Ridge Resort amp Spa 4 25 Energy Future Holdings 4 26 Mentor Graphics Corp 4 27 NXP Semiconductors NV 4 28 Oncor Electric Delivery 4 29 Akzo Nobel 4 30 Waterstones 4 31 AC Milan 4 32 Barnes amp Noble 4 33 Softbank Group 4 34 Time Equities 4 35 Sovereign debt 4 36 Alexion 4 37 F5 Networks Inc 4 38 Ahold Delhaize 5 References 6 External linksOverview editSinger created Elliott Associates in January 1977 13 starting with 1 3 million from friends and family and choosing the Elliott brand as it is his middle name 14 In its earliest years the firm focused on convertible arbitrage Since the 1987 stock market crash and early 1990s recession however the firm has transitioned into a multi strategy hedge fund 15 16 Elliott Associates manages 8 6 billion and is Elliott Management s primary domestic fund 17 The firm is currently closed to new investors As of mid 2008 Elliott counted 175 employees in New York City London Tokyo and Hong Kong 16 and is one of the oldest hedge funds under continuous management 18 In a November 2014 investment letter Elliott described optimism about U S growth as unwarranted Nobody can predict how long governments can get away with fake growth fake money fake jobs fake financial stability fake inflation numbers and fake income growth Elliott wrote When confidence is lost that loss can be severe sudden and simultaneous across a number of markets and sectors 19 In 2015 Institutional Investor Alpha magazine gave Elliott an A grade and the 9 ranking among hedge funds worldwide 20 Elliot Investment became the preferred bidder for a stake in Manchester United football club on 14 October 2023 Their bid for the club values the club at 7 9 billion dollars They will take a 30 stake in the club and help the club refinance and restructure debt and look at options to increase revenue through ticket pricing merchandising and marketing partnerships across the globe Equity partners editElliott has seven equity partners 21 Paul Singer and Jonathan Pollock are co chief investment officers Gordon Singer Paul Singer s son manages Elliott s London office Former senior portfolio manager Steven Kasoff whose retirement was announced in April 2020 was named an equity partner in January 2015 22 23 Steve Cohen Dave Miller Jesse Cohn and Zion Shohet are also listed as equity partners at the firm as of November 2020 21 Affiliates and units editHambledon Inc is a Cayman Islands corporation controlled by Singer 24 NML Capital is a subsidiary of Elliott Management 25 Kensington International Ltd is a subsidiary of Elliott Management 26 Maidenhead LLC and Warrington LLC are US entities that are controlled by Singer 27 Elliott Advisors UK Ltd is a London based advisor to Elliott 28 Elliott Advisors HK Limited is the Hong Kong arm of Elliott Management 29 Manchester Securities Corporation Investments editEarly activities edit Early in its history Elliott focused on convertible arbitrage refocusing primarily on distressed debt investing following the 1987 stock market crash and early 1990s recession Elliott is known for restructuring such U S firms as TWA MCI WorldCom and Enron 30 as well as overseas companies including Telecom Italia SpA and Elektrim Twitter edit In February 2020 Elliott Management with about 2 billion in shares nominated three directors to the board of Twitter Inc 31 The Wall Street Journal then reported that Singer wants to replace Jack Dorsey due to Dorsey s workload as CEO of both Twitter and Square and his potential move to Africa 32 In April 2021 Elliott s directors planned to step down from the board after Twitter s stock performance rose 95 in 2020 33 Elliott s February 2020 purchase of Twitter stock was at a per share price of about 36 Elliott exited Twitter in June 2022 shortly after Elon Musk made his tender offer 34 when the share price was dynamic in the mid to high 45 50 range giving Elliott a gain over two years of approximately 33 on the investment Wella AG edit In 2003 Elliott believed P amp G was not offering a fair price to all preferred shareholders for the German hair products company Wella AG Elliott joined other funds in opposing the deal including Germany s second largest fund manager Deka Investments After several years of legal and shareholder battles P amp G raised its offer for Wella AG for all preferred shareholders 16 According to the Borsen Zeitung Elliott said its goal was to protect the rights of minority shareholders 35 Shopko edit In April 2005 the Wisconsin based retail chain Shopko announced that it had agreed to be acquired for approximately 1 billion by a private equity firm at a price of 24 per share 36 This and a subsequent offer at 25 were rejected according to the Milwaukee Business Journal after several dissident shareholders threatened to vote down the transaction claiming the bid was too low Elliott joined other hedge funds in opposing the sale because it felt the price was too low and because it had concerns about conflicts of interest on the board 37 38 Elliott eventually participated in purchasing ShopKo at 29 per share 39 Adecco edit The human resource consulting company Adecco announced in January 2006 it had secured a 35 percent stake in DIS AG at a price of 54 5 per share making an offer at that price for all shares 40 The company also announced that the DIS CEO and CFO had signed lucrative management agreements that eventually would make them CEO and CFO respectively of Adecco 41 Adecco attempted to de list DIS but was blocked in court by a number of hedge funds including Elliott The funds also raised concerns about conflict of interest by the CEO and CFO Eventually Adecco offered 113 per share which was accepted 40 Novell edit In March 2010 Elliott bid 5 75 per share for software company Novell Although Novell rejected the offer Elliott welcomed the decision to sell the company 42 Vinashin edit In December 2011 it was reported that Elliott was suing the Vietnamese shipbuilding firm Vinashin in a British court The company had defaulted a year earlier on a 600 million loan backed by the Vietnamese government then offered to pay bondholders 35 cents on the dollar Elliott sued for the full amount 43 In April 2012 Elliott dropped the case 44 Compuware edit It was reported in December 2012 that Elliott which already had an 8 stake in Compuware had offered to buy the company for 11 a share in cash 45 Hess Corporation edit In late 2012 Elliott criticized the oil company Hess for its use of capital and for being distracted from oil exploration and production by other activities In January 2013 Elliott called on Hess to sell certain assets and asked Hess investors to vote for five new directors as part of an effort to reconfigure the oil firm and thus boost its share price 46 Buried within Hess Corp is one of the premier U S resource play focused companies Elliott wrote 47 In March Hess announced that it was acting on some of Elliott s suggestions but Elliott said that Hess s changes fell far short of what was needed 48 In April it was reported that Hess would close its London office on Elliott s advice 49 Hess has been a top pick for Elliott since 2013 50 As of the fourth quarter of 2014 Elliott owned 17 8 million shares of Hess worth 1 3 billion making it Elliott s largest holding 6 Sanko Steamship edit In late 2013 Elliot took control of the bankrupt Japanese shipowner Sanko and proceeded to close the majority of the overseas offices of that Company Elliot eventually asset stripped the company s overseas properties and any equity left in the Companies vessels 51 On 1 April 2012 Sanko had either managed or owned a fleet of 185 ships which included 46 tankers and 27 dry bulk carriers 52 By early 2019 this had been reduced to just 5 bulk carriers 53 Interpublic Group edit In summer 2014 Elliott disclosed a 6 7 stake in Interpublic Group of Companies an ad agency holding company and a person briefed on the matter said Elliott planned to call on the company to sell itself to one of its competitors 54 Pernod Ricard edit In December 2018 Elliott purchased a 2 5 stake in Pernod Ricard 55 Sigfox edit Main article Sigfox Elliott is one of several firms that according to a February 2015 report have invested in the Sigfox cellular network which serves France Spain the UK and the Netherlands 56 Solar projects in UK edit In February 2015 the Telegraph reported that Elliot Management s UK arm Elliott Advisors UK Limited had put money into half a dozen unnamed solar power projects in that country and that it had hedged its bets by taking out short positions in five other renewable energy funds listed on the London stock market 57 Comcast edit In September 2015 Elliott purchased a 1 940 642 share stake in Comcast a Philadelphia based mass media company for an average price of 58 68 a share This transaction had a 1 65 impact on Elliott s portfolio 58 59 CDK Global LLC edit Elliott acquired a 4 stake in CDK Global in May 2015 60 As of September 2016 it held a 5 4 stake in the company and is the third largest shareholder 61 On 4 May 2016 Elliott sent a letter to CDK Board of Directors outlining steps they felt were required in order to meet projected ROI and margins Quoting a plan for CDK to optimize its business operations and drive a meaningful improvement in shareholder value 62 On 8 June 2016 Elliott sent a letter to CDK Board of Directors advising that CDK adopt the steps in the Value Maximizing Plan without delay due to share holder support of the plan in the 4 May letter 63 Telecom Italia edit In May 2018 Elliott Management won a battle for control of Telecom Italia controlling two thirds of Telecom Italia s board seats 64 Samsung edit In the summer of 2015 Elliott then a major investor in Samsung s construction division opposed efforts by acting Samsung head Jay Lee who sought to have one part of the firm purchase the construction unit for 8 billion Despite Elliott s opposition the merger went through and Elliott sold its shares Two years later Lee was convicted of bribery and imprisoned after it was shown he had bribed a friend of South Korea s president to secure the merger 65 Cabela s edit In October 2015 Elliott disclosed an 11 1 percent stake in Cabela s an outdoor recreation and clothing retailer reporting that it is seeking to engage the company s board to discuss strategies and a potential sale of the company 66 67 Elliot Management in particular a Paul Singer expose on Tucker Carlson was criticized for their handling of Cabela s headquarters following the acquisition and sale to Bass Pro Shops due to the massive layoffs in the town of Sidney Nebraska 68 PulteGroup edit In July 2016 Elliott persuaded the PulteGroup a home builder in which it owns 4 7 to add three new board members cut investments in new land and buy back shares 69 Alcoa edit After buying a stake in Alcoa now Arconic that earned it three board seats Elliott forced a restructuring after which Elliott was able to sell its stake at a 104 profit 70 athenahealth edit In 2017 2018 under pressure from Elliott athenahealth undertook substantial cost cutting measures and co founder Jonathan S Bush resigned 71 AT amp T edit In September 2019 Elliott Management published an activist investor letter addressed to the AT amp T board of directors asserting what Elliott called a compelling value creation opportunity at AT amp T Elliott stated it had accumulated 3 2 billion of AT amp T stock 1 2 equity interest 72 JW Marriott Desert Ridge Resort amp Spa edit In September 2019 a joint venture among funds managed by Trinity Real Estate Investments LLC and funds managed by Elliott Management Corporation today announced the acquisition of the JW Marriott Desert Ridge Resort amp Spa the largest resort in Phoenix 73 74 Energy Future Holdings edit As of August 2017 Elliott owned enough of Energy Future Holdings s debt to block a Berkshire Hathaway takeover bid which had made an offer the previous month to salvage the heavily indebted firm 75 Mentor Graphics Corp edit Elliott bought 9 of Mentor Graphics Corp in 2017 then pushed for a takeover by Siemens Elliott earned a 68 profit 70 NXP Semiconductors NV edit In November 2017 Elliott and UBS Group AG collaborated in an effort to bring up the purchase price of NXP Semiconductors NV which Qualcomm was seeking to buy 76 Oncor Electric Delivery edit In August 2017 Elliott which held 1 8 billion in debt related to Oncor Electric Delivery a Texas transmission and distribution electric utility sought to block Berkshire Hathaway s bid to acquire Oncor 77 Akzo Nobel edit In August 2017 Akzo Nobel a Dutch paint and chemicals company said it had ended a dispute with Elliott PPG Industries an American rival had sought to take over Akzo Nobel Elliott had urged talks between the two and eventually took legal action as part of an effort to replace Akzo Nobel s chairman Antony Burgmans During the conflict Elliott became Akzo Nobel s top shareholder with a stake of about 9 78 Waterstones edit In April 2018 Elliott bought a majority stake in Waterstones leaving Alexander Mamut s Lynwood Investments with a minority holding 79 The sale completed in May 2018 James Daunt will remain as chief executive 80 AC Milan edit In July 2018 Elliott Management took ownership of Italian football club A C Milan with a 99 93 stake in the club after previous owner Li Yonghong defaulted on a 415M debt to Elliott Elliott immediately started dismissing board members at Rossoneri Sport Investment Lux the company through which Li Yonghong held AC Milan On 10 July 2018 Paul Singer declared in an official statement to implant 50M of equity capital to stabilize the finances within the club 81 In June 2022 RedBird Capital Partners agreed to acquire the club from Elliott for 1 2 billion 82 Barnes amp Noble edit On 7 June 2019 Elliott Management announced it would acquire Barnes amp Noble for around 683 million 83 On 7 August 2019 Elliott Management completed the acquisition of the company 84 James Daunt will be CEO of both Waterstones and Barnes amp Noble and will relocate from London to New York 85 On 7 August 2019 Barnes amp Noble became a privately held wholly owned subsidiary of Elliott 85 Softbank Group edit In February 2020 it was reported that Elliott Management built a more than 2 5 billion stake in the Japanese conglomerate Softbank Group 86 In August 2022 Financial Times reported that Elliott had sold almost all its shares in SoftBank purportedly after losing conviction in Masayoshi Son s ability to lead a turnround 1 Time Equities edit Since 2010 Elliott Management has expanded into investing in distressed real estate It has been active in Japanese and German real estate and in 2015 viewed Spain and Italy as offering attractive investment opportunities 22 According to The New York Times it has teams of analysts and portfolio managers in London Hong Kong and Tokyo and investments worth more 2 billion In the U S it has focused on filling in the gap where banks have had to rein in their lending by participating in direct financing with developers 87 In 2013 Elliott Management teamed up with Time Equities on a 63 story commercial and real estate project in New York and took an ownership stake in Silverpeak Real Estate Finance a commercial real estate lender 87 The New York Times reported in May 2014 that Elliott Management was financing the development of 5 Beekman Street a 130 year old building at the site of one of Manhattan s first skyscrapers into a 287 room hotel and 46 story condominium called the Beekman The project would be carried out by GFI Capital Resources a New York real estate company 87 Sovereign debt edit A portion of Elliott s distressed securities trading has been in sovereign debt 88 In 1995 Elliott bought 20 million face value of defaulted Peruvian bank debt In 1998 after extensive litigation and numerous attempts by Elliott to settle the court awarded the hedge fund 58 million including past due interest 89 90 After Argentina defaulted on its sovereign debt in 2002 Elliott which owned Argentinian bonds with a nominal face value of 630 million now worth 2 3 billion refused to accept Argentina s offer of less than 30 cents on the dollar Elliott won judgments against Argentina in U S and U K courts but did not collect payment In October 2012 an Elliott subsidiary NML Capital arranged for the seizure in Ghana of the ARA Libertad an Argentinian naval vessel which it intended to confiscate in accordance with court judgments awarding it over 1 6 billion in Argentinian assets 91 A November 2012 New York trial which ended in a ruling for NML and against Argentina legal experts called it the sovereign debt trial of the century In a letter published in the Financial Times legal experts Andreas F Lowenfeld and Peter S Smedresman defended NML s position 92 Elliott exposed corruption in the Republic of the Congo in its efforts to enforce judgments totaling more than 100 million in defaulted bank debt 93 94 In 2008 Elliott bought 32 6 million in loan debt incurred by Congo In 2002 and 2003 a British court awarded Elliott more than 100 million for these debts During the case US President George W Bush used a constitutional clause preventing seizure of Congolese assets in the United States by the hedge fund 95 Brice Mackosso a campaigner for greater transparency and against corruption in the Congo Republic s government stated that if it were not for funds like Elliott we would not know any facts about the way our country s wealth is being taken away 88 After Elliott s investigations produced evidence of corruption the government settled for an estimated 90 million on debt for which Elliott paid less than 20 million 14 Alexion edit Elliott acquired a position in Alexion Pharmaceuticals in 2017 In May 2020 Elliott Management again pushed for Alexion to sell itself months after the drugmaker had rejected the hedge fund s earlier demand Elliott argues that Alexion management s actions including a recent move to acquire Portola Pharmaceuticals for about 1 4 billion are leading in the wrong direction In December Alexion s board unanimously rejected a recommendation by Elliott to immediately launch a proactive sale 96 F5 Networks Inc edit In November 2020 Elliott Management invested in F5 after having spoke to the software company s management in recent weeks about ways to boost its lagging stock 97 Ahold Delhaize edit In November 2021 Elliott Advisors announced that it is a large investor with a 3 economic interest in Europe s largest supermarket business Ahold Delhaize valued at approximately 1 billion 98 References edit a b Massoudi Arash 15 August 2022 Hedge fund Elliott dumps SoftBank stake after souring on Masayoshi Son Financial Times French David 25 May 2022 Hedge fund Elliott chases oil and gas deals bucking Wall Street Reuters Elliott Management Corporation 2022 Form ADV PDF U S Securities and Exchange Commission 10 August 2022 Stewart Emily 20 June 2017 Elliott Management What is it and who is behind it Australia ABC News Hedge Fund Elliott Management Insider Monkey Retrieved 17 June 2015 a b Paul Singer Bio Returns Net Worth Insider Monkey Retrieved 16 April 2015 Kouwe Zachery 19 August 2009 Summer Reading Paul Singer s 2nd Quarter Letter The New York Times Retrieved 24 February 2016 Fuller Jaime 4 April 2014 Meet the wealthy donor who s trying to get Republicans to support gay marriage The Washington Post Retrieved 22 October 2015 Armitage Jim 25 June 2014 Can you make an ethical case for vulture funds The Independent Retrieved 29 November 2015 Palast Greg O Kane Maggie Madlena Chavala 15 November 2011 Vulture funds await Jersey decision on poor countries debts The Guardian Retrieved 3 August 2015 Sheehan Michael 15 November 2011 Vulture funds the key players The Guardian London Retrieved 10 June 2012 Haag Matthew Rubinstein Dana 22 October 2020 Hedge Fund Magnate Is Moving His 41 Billion Firm From N Y to Florida The New York Times ISSN 0362 4331 Retrieved 26 October 2020 Company Overview of Elliott Management Corporation Bloomberg Businessweek Archived from the original on 16 June 2013 Retrieved 31 May 2013 a b Celarier Michelle Mitt Romney s hedge fund kingmaker CNN Retrieved 13 June 2013 Elliott Management Sends Letter to Board of Directors of EMC Corporation Business Wire 8 October 2014 Retrieved 16 April 2015 a b c Foroohar Kambiz February 2008 The Opportunist PDF Bloomberg Markets Archived from the original PDF on 10 July 2011 Retrieved 3 October 2010 Copeland Rob 7 July 2014 Elliott Associates Hedge Fund Gained 4 6 in First Half The Wall Street Journal Retrieved 16 July 2014 Barr Alistair 11 December 2009 Hedge fund giant Elliott ramps up in wake of credit party retrieved 3 October 2010 Bit Kelly 4 November 2014 Singer s Elliott Says Optimism on U S Growth Unwarranted Bloomberg Retrieved 16 April 2015 Taub Stephen The Hedge Fund Report Card PDF Institutional Investor s Alpha Retrieved 4 March 2016 a b Elliott Management Corporation Who We Are November 2020 Retrieved 11 November 2020 a b Chung Juliet 30 January 2015 Elliott Management Names Fourth Equity Partner The Wall Street Journal Retrieved 16 April 2015 Herbst Bayliss Svea Hedge fund Elliott s equity partner Kasoff retires lette NASDAQ Retrieved 29 May 2020 SEC Proxy Statement UNITED STATES SECURITIES AND EXCHANGE COMMISSION Retrieved 13 June 2013 Kandell Jonathan 23 February 2016 How Macri Could Woo Singer and Other Bond Holdouts Institutional Investor Retrieved 24 February 2016 Vulture funds the key players The Guardian London 15 November 2011 Retrieved 13 June 2013 MEDION AG 18 May 2012 MITTEILUNGEN UBER STIMMRECHTSANTEILE AN DER MEDION AG Archived from the original on 3 February 2013 Retrieved 13 June 2013 Elliott Advisors 5 July 2012 ELLIOTT ADVISORS UK LIMITED PDF Reuters Archived from the original PDF on 17 August 2018 Retrieved 13 June 2013 Holland amp Knight Bruce W MacLennan Bio Archived from the original on 14 May 2013 Retrieved 13 June 2013 Jinks Beth 10 January 2014 Elliott Funds Flurry a Harbinger of Activist New Year Bloomberg News Driebusch Corrie Morris Betsy 29 February 2020 Elliott Management Nominates Four Directors to Twitter s Board The Wall Street Journal Retrieved 9 March 2020 Brown Abram 29 February 2020 Twitter s Jack Dorsey Has A New Nemesis Hedge Fund Billionaire Paul Singer Forbes Retrieved 2 September 2020 Elliott s Cohn Plans to Step Down From Twitter Board Bloomberg com 1 April 2021 Retrieved 2 April 2021 Elliott exited Twitter during second quarter amid takeover frenzy filings show reuters com 15 August 2022 Retrieved 15 December 2022 Waxley Simon Tuil Frank 2 February 2005 Rights for All How the Fight for Wella is a View of the Future Borsen Zeitung New bidders propose 26 50 per share for ShopKo Press release The Business Journal of Milwaukee 3 October 2005 Retrieved 3 October 2010 Elliott Files Schedule 13D Disclosing Substantial ShopKo Ownership Strongly Opposes Current Offer for the Company Press release PR Newswire 6 September 2005 Retrieved 3 October 2010 Hajewski Doris 7 September 2005 ShopKo sale may be in danger Milwaukee Journal Sentinel retrieved 3 October 2010 ShopKo agrees to 29 a share offer from Sun Capital The Business Journal of Milwaukee 18 October 2005 retrieved 3 October 2010 a b Permission given to Adecco to Delist DIS Borsen Zeitung 12 June 2008 German DIS Minority Shareholders Oppose Swiss Parent Adecco German Business Digest 21 April 2006 Savitz Eric 22 March 2010 Novell Elliott Welcomes Decision To Consider Possible Buyers Retrieved 3 October 2010 Luochang Yu Bob 13 December 2011 Elliott Associates Is Suing Vietnam based Vinashin Retrieved 13 June 2013 Elliott Ends Case Against Vietnamese Shipbuilder FINalternatives finalternatives com Savitz Eric 17 December 2012 Compuware Gets 11 Shr Bid From Elliott Management Forbes Retrieved 13 June 2013 DEALBOOK 29 January 2013 Elliott Management Calls for Board Shake Up at Hess The New York Times Retrieved 13 June 2013 WSJ 29 January 2013 Activist Investor Elliott Management Seeking to Remake Hess The Wall Street Journal Retrieved 13 June 2013 BusinessWire 4 March 2013 Elliott Management Responds to Hess Corporation Shareholder Letter and Presentation Retrieved 13 June 2013 a href Template Cite web html title Template Cite web cite web a last has generic name help The Telegraph 3 April 2013 London Office Closure The Daily Telegraph London p 3 Retrieved 12 June 2013 Erbar Pablo 28 February 2015 Billionaire Paul Singer is Bullish and Bearish About These Energy Stocks Insider Monkey Retrieved 16 April 2015 Baltic Exchange London Private Members Report April 2016 Sanko Steamship Fleet List 2012 Sanko Steamship Fleet List jan 2019 de la Merced Michael J Paul Singer Takes Stake in Advertising Titan Interpublic and Pushes for Sale New York Times 24 July 2014 Retrieved 2 014 07 24 Activist investor takes stake in Pernod Ricard 12 December 2018 Lunden Ingrid 11 February 2015 Sigfox Raises 115M To Take Its Internet of Things Network Global Tech Crunch Retrieved 16 April 2015 Dakers Marion 7 February 2015 Hedge fund makes 100m bet on British solar power The Telegraph Retrieved 16 April 2015 Paul Singer Acquires Stake in Comcast NASDAQ 25 September 2015 Retrieved 27 September 2015 On Sale Accumulation by this Activist Could Wake Up Sleepy Comcast CMCSA Street Insider 18 September 2015 Retrieved 27 September 2015 With Elliott Management CDK Now Has Its Third Activist CDK Global Inc CDK Lowered to Hold at Zacks Investment Research 4 May etter to CDK Board of Directors PDF 8 June letter to CDK Board of Directors PDF Paul Singer s Elliott Management wins bitter battle for control of Telecom Italia CNBC 4 May 2018 Wieczner Jen 15 December 2017 Inside Elliott Management How Paul Singer s Hedge Fund Always Wins Fortune Magazine Moyer Liz Elliott Management Takes 11 Stake in Cabela s The New York Times Retrieved 29 October 2015 Elliott Discloses 11 1 Stake in Cabela s The Wall Street Journal 28 October 2015 Retrieved 29 October 2015 Couger Charles 3 December 2019 The death of Sidney Nebraska How a hedge fund destroyed a good American town Fox News Retrieved 31 July 2020 Allison Kevin 22 July 2016 Elliott Management Shows PulteGroup Founder How to Get Things Done The New York Times a b Paul Singers 2 Billion Bet ValueWalk 1 December 2017 Paul Singer Doomsday Investor The New Yorker 20 August 2018 AT amp T shares jump after activist Elliott Management takes 3 2 billion stake CNBC 9 September 2019 Elliott Management Corporation acquires the JW Marriott Desert Ridge Resort amp Spa Elliott Management Corporation today announced the acquisition of the JW Marriott Desert Ridge Resort amp Spa Lauren Silver Laughlin 17 August 2017 In Battle Over Texas Utility Elliott Is Grasping at Straws The New York Times Dana Mattioli amp David Benoit 2 November 2017 Elliott Management Enlists UBS in NXP Campaign The Wall Street Journal Steve Jordon Bray Chad 16 August 2017 Akzo Nobel Ends Feud With Elliott Management The New York Times Hoggan Karen 26 April 2018 Waterstones bookshop chain sold to Elliott Advisors BBC News Retrieved 28 April 2018 Eley Jonathan 26 April 2018 Activist fund Elliott buys British bookstore Waterstones Financial Times Retrieved 28 April 2018 Official Elliott now own Milan Football Italia football italia net 10 July 2018 Meet the dealmaker who bought AC Milan from Elliott Management Financial Times 4 June 2022 Dwyer Colin 7 June 2019 Barnes amp Noble Set To Be Sold To Elliott Management For About 683 Million NPR Retrieved 7 June 2019 Elliott Completes Acquisition of Barnes amp Noble Yahoo Finance Press release 7 August 2019 Retrieved 7 August 2019 a b Elliott Completes Acquisition of Barnes amp Noble Bloomberg News Business Wire 7 August 2019 Retrieved 17 April 2021 Elliott Management Took a Stake in Struggling SoftBank It Sees the Value Barron s Saw Barron s Barron s Retrieved 7 February 2020 a b c Stevenson Alexandra 23 May 2014 Elliott Management Backs Skyscraper Revival The New York Times Retrieved 16 April 2015 a b Polgreen Lydia 10 December 2007 Unlikely Ally Against Congo Republic Graft The New York Times Retrieved 16 October 2013 Bosco David 11 June 2007 The Debt Frenzy Foreign Policy retrieved 3 October 2010 Bosco David 13 October 2009 The Debt Frenzy Foreign Policy Archived from the original on 22 March 2021 Retrieved 17 April 2021 Whitehouse Kaja Argentina says Arrh no to Paul Singer s 20 million demand for seized ship New York Post Retrieved 13 June 2013 Lowenfeld Andreas Smedresman Peter Understand the proper role of courts Financial Times Retrieved 24 February 2016 The Debt Frenzy permanent dead link Foreign Policy July August 2007 The Debt Frenzy MyWire 1 July 2007 Palast Greg 7 August 2014 How Barack Obama could end the Argentina debt crisis The Guardian Retrieved 29 March 2016 Elliott Advisors UK Limited Elliott Advisors UK Limited sent the following letter to the Board of Alexion today PDF elliottletters com Retrieved 13 May 2020 Driebusch Corrie 8 November 2020 Elliott Management Takes Stake in Software Company F5 Networks The Wall Street Journal Eley Jonathan 17 November 2021 Elliott takes 1bn stake in Europe s biggest supermarket Ahold Delhaize Financial Times Retrieved 17 November 2021 External links editOfficial website Business data for Elliott Investment Management SEC filings Retrieved from https en wikipedia org w index php title Elliott Investment Management amp oldid 1180133968, wikipedia, wiki, book, books, library,

article

, read, download, free, free download, mp3, video, mp4, 3gp, jpg, jpeg, gif, png, picture, music, song, movie, book, game, games.