Jump to content

Elliott Investment Management

From Wikipedia, the free encyclopedia
(Redirected from Elliott Advisors)

Elliott Investment Management L.P.
Company typePrivate
IndustryInvestment management
Founded1977; 47 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
RevenueIncrease 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]

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

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, over a 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-2024, Elliott counted 570 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]

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] In March 2024 it was announced[54] that Sanko would sell their last vessel and exit shipowning after 90 years of existence.

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".[55]

Pernod Ricard

[edit]

In December 2018, Elliott purchased a 2.5% stake in Pernod Ricard.[56]

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.[57]

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."[58]

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.[59][60]

CDK Global LLC

[edit]

Elliott acquired a 4% stake in CDK Global in May 2015.[61] As of September 2016, it held a 5.4% stake in the company and is the third-largest shareholder.[62]

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."[63]

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.[64]

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.[65]

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.[66]

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.[67][68]

Elliot Management, in particular an expose on Paul Singer featured by 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.[69]

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.[70]

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.[71]

athenahealth

[edit]

In 2017–2018, under pressure from Elliott, athenahealth undertook substantial cost-cutting measures, and co-founder Jonathan S. Bush resigned.[72]

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).[73]

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 announced the acquisition of the JW Marriott Desert Ridge Resort & Spa, the largest resort in Phoenix.[74][75]

Energy Future Holdings

[edit]

As of August 2017, Chais Fitzwater, otherwise known as 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.[76]

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.[71]

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.[77]

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.[78]

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%.[79]

Waterstones

[edit]

In April 2018, Elliott bought a majority stake in Waterstones, leaving Alexander Mamut's Lynwood Investments with a minority holding.[80] The sale completed in May 2018. James Daunt will remain as chief executive.[81]

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.[82] In June 2022, RedBird Capital Partners agreed to acquire the club from Elliott for €1.2 billion.[83]

Barnes & Noble

[edit]

On 7 June 2019, Elliott Management announced it would acquire Barnes & Noble for around $683 million.[84] On 7 August 2019, Elliott Management completed the acquisition of the company.[85] James Daunt will be CEO of both Waterstones and Barnes & Noble and will relocate from London to New York.[86] On 7 August 2019, Barnes & Noble became a privately held, wholly owned subsidiary of Elliott.[86]

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.[87] 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]

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.[88]

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".[89]

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.[90]

BioMarin Pharmaceuticals

[edit]

In November 2023, Elliott Investment Management spent over $1 billion on a stake in BioMarin, which focuses on rare genetic disorders and is valued at about $16 billion.[91]

Johnson Controls Inc.

[edit]

In May of 2024, Elliott Advisors announced that it is a large investor in Johnson Controls valued at approximately $1 billion.[92]

Southwest Airlines

[edit]

In June 2024, Elliott Management announced that it had taken a $1.9 billion position in Southwest Airlines and would seek to oust leadership at the carrier, arguing it had "failed to evolve" citing "leadership’s stubborn unwillingness to evolve the Company’s strategy." The fund launched a website, StrongerSouthwest.com, with a letter for shareholders arguing in favor of its changes. That September, Southwest announced a shakeup of corporate leadership in response to pressure from Elliott.

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."[93]

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.[93]

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.[93]

Sovereign debt

[edit]

A portion of Elliott's distressed securities trading has been in sovereign debt.[94]

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.[95][96]

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.[97] 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.[98]

Elliott exposed corruption in the Republic of the Congo in its efforts to enforce judgments totaling more than $100 million in defaulted bank debt.[99][100] 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.[101] 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."[94] 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]

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). "The Opportunist" (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'", Marketwatch, 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. ^ "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. ^ "Mitteilungen Über Stimmrechtsanteile an der Medion AG". Medion. 18 May 2012. Archived from the original on 3 February 2013. Retrieved 13 June 2013.
  28. ^ "Elliott Advisors (UK) Limited" (PDF). Reuters. 5 July 2012. Archived from the original (PDF) on 17 August 2018. Retrieved 13 June 2013.
  29. ^ "Bruce W. MacLennan Bio". 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. ^ "Elliott Management Calls for Board Shake-Up at Hess". The New York Times. 29 January 2013. Retrieved 13 June 2013.
  47. ^ "Activist Investor Elliott Management Seeking to Remake Hess". The Wall Street Journal. 29 January 2013. Retrieved 13 June 2013.
  48. ^ "Elliott Management Responds to Hess Corporation Shareholder Letter and Presentation". BusinessWire. 4 March 2013. Retrieved 13 June 2013.
  49. ^ "London Office Closure". The Daily Telegraph. London. 3 April 2013. 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. ^ "Sanko sells last ship". 11 March 2024.
  55. ^ 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.
  56. ^ "Activist investor takes stake in Pernod Ricard". 12 December 2018.
  57. ^ Lunden, Ingrid (11 February 2015). "Sigfox Raises $115M To Take Its Internet of Things Network Global". Tech Crunch. Retrieved 16 April 2015.
  58. ^ Dakers, Marion (7 February 2015). "Hedge fund makes £100m bet on British solar power". The Telegraph. Retrieved 16 April 2015.
  59. ^ "Paul Singer Acquires Stake in Comcast". NASDAQ. 25 September 2015. Retrieved 27 September 2015.
  60. ^ "On Sale: Accumulation by this Activist Could Wake Up Sleepy Comcast (CMCSA)". Street Insider. 18 September 2015. Retrieved 27 September 2015.
  61. ^ "With Elliott Management, CDK Now Has Its Third Activist".
  62. ^ "CDK Global Inc. (CDK) Lowered to Hold at Zacks Investment Research".
  63. ^ "4 May etter to CDK Board of Directors" (PDF).
  64. ^ "8 June letter to CDK Board of Directors" (PDF).
  65. ^ "Paul Singer's Elliott Management wins bitter battle for control of Telecom Italia". CNBC. 4 May 2018.
  66. ^ Wieczner, Jen (15 December 2017). "Inside Elliott Management: How Paul Singer's Hedge Fund Always Wins". Fortune Magazine.
  67. ^ Moyer, Liz (28 October 2015). "Elliott Management Takes 11% Stake in Cabela's". The New York Times. Retrieved 29 October 2015.
  68. ^ "Elliott Discloses 11.1% Stake in Cabela's". The Wall Street Journal. 28 October 2015. Retrieved 29 October 2015.
  69. ^ 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.
  70. ^ Allison, Kevin (22 July 2016). "Elliott Management Shows PulteGroup Founder How to Get Things Done". The New York Times.
  71. ^ a b "Paul Singers $2 Billion Bet". ValueWalk. 1 December 2017.
  72. ^ "Paul Singer, Doomsday Investor". The New Yorker. 20 August 2018.
  73. ^ "AT&T shares jump after activist Elliott Management takes $3.2 billion stake". CNBC. 9 September 2019.
  74. ^ "Elliott Management Corporation acquires the JW Marriott Desert Ridge Resort & Spa". 3 September 2019.
  75. ^ "Elliott Management Corporation today announced the acquisition of the JW Marriott Desert Ridge Resort & Spa".
  76. ^ Lauren Silver Laughlin (17 August 2017). "In Battle Over Texas Utility, Elliott Is Grasping at Straws". The New York Times.
  77. ^ Dana Mattioli; David Benoit (2 November 2017). "Elliott Management Enlists UBS in NXP Campaign". The Wall Street Journal.
  78. ^ "Steve Jordon". 18 August 2017.
  79. ^ Bray, Chad (16 August 2017). "Akzo Nobel Ends Feud With Elliott Management". The New York Times.
  80. ^ Hoggan, Karen (26 April 2018). "Waterstones bookshop chain sold to Elliott Advisors". BBC News. Retrieved 28 April 2018.
  81. ^ Eley, Jonathan (26 April 2018). "Activist fund Elliott buys British bookstore Waterstones". Financial Times. Retrieved 28 April 2018.
  82. ^ "Official: Elliott now own Milan – Football Italia". football-italia.net. 10 July 2018.
  83. ^ "Meet the dealmaker who bought AC Milan from Elliott Management". Financial Times. 4 June 2022.
  84. ^ Dwyer, Colin (7 June 2019). "Barnes & Noble Set To Be Sold To Elliott Management For About $683 Million". NPR. Retrieved 7 June 2019.
  85. ^ "Elliott Completes Acquisition of Barnes & Noble". Yahoo! Finance (Press release). 7 August 2019. Retrieved 7 August 2019.
  86. ^ a b "Elliott Completes Acquisition of Barnes & Noble". Bloomberg News. Business Wire. 7 August 2019. Retrieved 17 April 2021.
  87. ^ "Elliott Management Took a Stake in Struggling SoftBank. It Sees the Value Barron's Saw". Barron's. Retrieved 7 February 2020.
  88. ^ "Elliott Advisors (UK) Limited sent the following letter to the Board of Alexion today" (PDF). Elliott Advisors. Retrieved 13 May 2020.
  89. ^ Driebusch, Corrie (8 November 2020). "Elliott Management Takes Stake in Software Company F5 Networks". The Wall Street Journal.
  90. ^ Eley, Jonathan (17 November 2021). "Elliott takes $1bn stake in Europe's biggest supermarket Ahold Delhaize". Financial Times. Retrieved 17 November 2021.
  91. ^ Herbst-Bayliss, Svea (7 November 2023). [livehttps://www.reuters.com/markets/us/activist-investor-elliott-targets-drugmaker-biomarin-sources-2023-11-07/ "Exclusive: Activist investor Elliott targets drugmaker BioMarin -sources"]. Reuters. Retrieved 22 August 2024.
  92. ^ Tse, Crystal (20 May 2024). "Activist Hedge Fund Elliott Builds $1 Billion-Plus Stake in Johnson Controls". Bloomberg. Retrieved 21 May 2024.
  93. ^ a b c Stevenson, Alexandra (23 May 2014). "Elliott Management Backs Skyscraper Revival". The New York Times. Retrieved 16 April 2015.
  94. ^ a b Polgreen, Lydia (10 December 2007). "Unlikely Ally Against Congo Republic Graft". The New York Times. Retrieved 16 October 2013.
  95. ^ Bosco, David (11 June 2007), "The Debt Frenzy", Foreign Policy, archived from the original on 8 June 2011, retrieved 3 October 2010
  96. ^ Bosco, David (13 October 2009). "The Debt Frenzy". Foreign Policy. Archived from the original on 22 March 2021. Retrieved 17 April 2021.
  97. ^ Whitehouse, Kaja. "Argentina says 'Arrh, no!' to Paul Singer's $20 million demand for seized ship". New York Post. Retrieved 13 June 2013.
  98. ^ Lowenfeld, Andreas; Smedresman, Peter. "Understand the proper role of courts". Financial Times. Retrieved 24 February 2016.
  99. ^ The Debt Frenzy[permanent dead link‍], Foreign Policy, July/August 2007
  100. ^ The Debt Frenzy, MyWire, 1 July 2007
  101. ^ Palast, Greg (7 August 2014). "How Barack Obama could end the Argentina debt crisis". The Guardian. Retrieved 29 March 2016.
[edit]
  • Official website
  • Business data for Elliott Investment Management:
Retrieved from "https://en.wikipedia.org/w/index.php?title=Elliott_Investment_Management&oldid=1256961903"