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Komfie Manalo, Opalesque Asia: Activist hedge fund firm Elliott Management Corporation has claimed the support of every large shareholder in the proxy fight against Arconic Inc., and said that these major stakeholders have taken a public position supporting real change and the election of all four shareholder nominees.
"To date, every large shareholder to have taken a public position supports the election of the shareholder nominees. This group includes each of the Company's three largest investors overseeing actively managed funds," Elliott said in a statement.
One of Arconic's major shareholders, First Pacific Advisors, sent a letter to the to board saying that Elliott has broad support from other large long-term shareholders, including FPA, because their success in this contest would improve the culture in the boardroom and be a clear mandate for change."
First Pacific said in the letter, "Now you [the Board] are asking shareholders to trust the board with the selection of new directors and the next CEO. Given the overwhelming evidence of this board's bad judgement, your request is absurd. The legacy directors who share responsibility for supporting a discredited CEO, wasting money on a proxy contest, and failing to represent the company's or shareholder's interests prior to the proxy contest should all step down. It is time to change the character of this board."
Orbis Investment Management, also tol...................... To view our full article Click here
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