SoftBank has faced calls from US hedge fund Elliott Management to buyback shares to restore investor confidence. SoftBank has faced pressure from Elliott Management to buyback shares and restore investor confidence following a series of losses. The head of the Vision Fund 'regrets' involvement in an investment with Italian businessman Alessandro Benedetti.
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By Margi Murphy 5 Marpm. By Hannah Uttley 24 Novam. Saga meets with activist Elliott as boss warns of 'bloody' travel market Premium. By Harriet Russell 19 Seppm. By Laura Onita 3 Seppm.
By Oliver Gill 20 Julpm. Ben Marlow 17 Julpm.
Saga under attack with break-up plan by activist investor Elliott Premium. By Vinjeru Mkandawire 17 Julpm. By Laura Onita 2 Julam. By Christopher Williams 20 Novpm. Foyles family sells to Waterstones after years, as boss James Daunt attacks 'aggressive' Amazon Premium. By Ayesha Javed 7 Seppm.
Elliott Advisors increases stake in Hammerson to almost 5. By Rhiannon Curry 10 Julpm. US 'vultures' shine spotlight on UK boardrooms Premium.
By Lucy Burton 12 Maypm. James Daunt: the man who saved Waterstones on why a hedge fund will not destroy it Premium.Elliott Management Corporation is an American investment management firm.
It is also one of the largest activist funds in the world. It is the management affiliate of American hedge funds Elliott Associates L. Since the stock market crash and early s recessionhowever, the firm has transitioned into a multi-strategy hedge fund.
The firm is currently closed to new investors. As of mid, Elliott counted employees in New York CityLondonTokyo and Hong Kong  and is one of the oldest hedge funds under continuous management. In a November investment letter, Elliott described optimism about U. Elliott has four equity partners. Steven Kasoff, formerly the firm's senior portfolio manager, was also given the title of equity partner in January Early in its history, Elliott focused on convertible arbitrage, refocusing primarily on distressed debt investing following the stock market crash and early s recession.
Elliott is known for restructuring such U. Elliott joined other funds in opposing the deal, including Germany's second-largest fund manager, Deka Investments. Although Novell rejected the offer, Elliott "welcomed" the decision to sell the company. In Decemberit was reported that Elliott was suing the Vietnamese shipbuilding firm Vinashin in a British court.
Elliott sued for the full amount. In lateElliott criticized the oil company Hess for its use of capital and for being "distracted" from oil exploration and production by other activities. In JanuaryElliott 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.
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. In late 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. In summerElliott disclosed a 6. In DecemberElliott purchased a 2. Elliott is one of several firms that, according to a February report, have invested in the Sigfox cellular network, which serves France, Spain, the UK, and the Netherlands.
In Februarythe 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. This transaction had a 1.
Quoting "a plan for CDK to optimize its business operations and drive a meaningful improvement in shareholder value. 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.
In OctoberElliott disclosed an In JulyElliott persuaded the PulteGroup, a home builder in which it owns 4. Inunder pressure from Elliott, athenahealth undertook substantial cost-cutting measures, and co-founder Jonathan S. Bush resigned. In September As of AugustElliott 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.
In AugustAkzo Nobel, a Dutch paint and chemicals company, said it had ended a dispute with Elliott. James Daunt will remain as chief executive. SinceElliott Management has expanded into investing in distressed real estate. It has been active in Japanese and German real estate and in viewed Spain and Italy as offering attractive investment opportunities.Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities.
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Learn more and compare subscriptions. Or, if you are already a subscriber Sign in. Close drawer menu Financial Times International Edition. Search the FT Search. World Show more World. US Show more US. Companies Show more Companies. Markets Show more Markets. Opinion Show more Opinion. Personal Finance Show more Personal Finance.The hedge fund has just brought in Sheldon Sussman, a veteran banker who has worked for Lehman Brothers, Deutsche Bank and was head of global financial markets at Rabobank in London for over ten years.
More recently, Sussman has been working at Raymond James, as their head of fixed income capital markets, before switching to a management advisor role at investment management firm TowerBrook Capital Partners. Richard Monahan, who spent the last seven years working for Deloitte where he was a director in its corporate finance division, has also just joined. Elliott Advisors, the British operation of the New York activist hedge fund Elliott Management, now has 54 employees in its Mayfair office in London — up from 50 since the beginning of this year.
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Elliott Advisors UK Ltd
Search jobs. Search articles.Add this topic to your myFT Digest for news straight to your inbox. Activist investor says agreed price underplays potential value of target company. Grannies have become tech savvy — and are shopping around. Vivendi and Elliott to face off at shareholder meeting on March Establishment figure replaces the sacked Amos Genish.
Activist boosts holding as UK shopping centre owner prepares to unveil new strategy. Activist investor and Cevian Capital express concerns over non-cash merger.
Shareholders back new board proposed by US activist Elliott. Activist investor wins shareholder backing to take control of board.
Why a US fund known for muscular interventions in takeovers might buy a chain of bookshops. James Daunt to stay on as chief executive after leading turnround of chain. Moves highlight new potential hypocrisies for dealing with cross-border transactions.
Elliott Completes Acquisition of Barnes & Noble
Manage cookies. Get the newsletter now. Elliott Advisors UK Ltd. Add to myFT Digest. Friday, 6 December, Wednesday, 27 November, Altran Technologies SA.
Tuesday, 13 August, Scout24 AG. Scout24 to explore sale or listing of car trading platform. Monday, 5 August, Wednesday, 17 July, Lombard Matthew Vincent. Activist Elliott sees value in ending the Saga. Friday, 29 March, Telecom Italia SpA.While we commend the Board for negotiating a transaction with Dollar Tree which delivers a meaningful premium and a high degree of certainty to shareholders, it is our view that the Company was in a position earlier this year to facilitate a bidding war between two large, well-capitalized strategic acquirers.
This opportunity appears to have been missed, and the Company must now seek to maximize value for shareholders with the restrictive covenants and other practical limitations of a merger agreement in place. We are of the firm view that under the terms of the Merger Agreement, the Board could have and should have engaged with Dollar General in order to gain a better understanding of their pricing architecture in aid of a more comprehensive anti-trust analysis. Armed with such an analysis, we believe the Board would have been in a much more informed and advantageous position from which to negotiate a deal that maximizes price and deliverability.
We are disappointed that the Board did not pursue this course of action. It is our sincere hope that the Board will have a renewed opportunity to do so. While certain members of the Board may have experience relevant to the ongoing strategic process at Family Dollar, this does not appear to be the case for the majority of directors.
That, combined with the long average tenure of the Board and the associated issues regarding independence from management this impliescalls into question whether these individuals constitute the appropriate group to guide the Company through the complex pathway ahead and their ability to act with the best interests of all shareholders in mind. We do however question the decision to appoint George Mahoney Jr to the committee given that he has been associated with Family Dollar, initially as an employee and subsequently as a member of the Board, since We would like to be clear that nominating directors was not our preferred path.
Unfortunately, the actions of the Board to date in connection with the strategic review process fail to sufficiently demonstrate that the Board has had the best interests of its shareholders in mind.
We believe that these director candidates have a breadth and depth of experience that will be certain to add value to the Board in its deliberations and negotiations with Dollar Tree and Dollar General — and that the ultimate result will be a value maximizing outcome for shareholders. Their collective expertise and experience encompasses negotiating public company mergers and acquisitions, handling complex negotiations with multiple parties, dealing with anti-trust authorities in the United States, and navigating corporate governance matters.
In addition to their valuable skill sets, the members of The Value Maximizing Slate are, importantly, truly independent of management and have no actual or perceived conflicts of interest with Family Dollar or its shareholders. We sincerely hope that our concerns regarding the strategic review and subsequent sale process are misplaced and that over the coming weeks our efforts turn out to be unnecessary. In the meantime, we stand ready to take any and all steps open to Family Dollar shareholders to ensure our interests are protected, starting by nominating The Value Maximizing Slate.
We look forward to continuing our dialogue and welcome any questions directly from any members of the Board. Its flagship fund, Elliott Associates, L. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.
The full text of the letter to Mr. Levine and the Board follows: Dear Mr. A Suboptimal Strategic Review While we commend the Board for negotiating a transaction with Dollar Tree which delivers a meaningful premium and a high degree of certainty to shareholders, it is our view that the Company was in a position earlier this year to facilitate a bidding war between two large, well-capitalized strategic acquirers.
Taking Steps to Protect the Interests of All Shareholders We would like to be clear that nominating directors was not our preferred path. French brings 17 years of experience as a CFO at major corporations.These are external links and will open in a new window.
Amid a spate of high-profile fights in the business world, one New York hedge fund has thrown a lot of punches. The firm famously pursued Argentine debt for more than a decade, seizing one of the country's naval ships while it was docked in Ghana and prompting the country to default.
In the UK, it intervened in coach operator National Express and fought supermarket Tesco for damages stemming from a accounting scandal. It has also pressured South Korea giant Samsung to restructure. Meanwhile, AkzoNobel successfully fended off a takeover and reached a truce with Elliott, committing to improvements that included the sale of its chemicals business. Reports say Elliott wants Whitbread to split its coffee chain from its hotel business. Singer, a New Jersey native who trained at Harvard Law School, described it at the time as a "tiny, little friends-and-family" firm.
Its investor include very wealthy private individuals, sovereign wealth funds, foundations and pension funds. The hedge fund, which has had a base in London since as Elliott Advisors, has said it's only lost money twice - in and The year-old Wall Street titan has also reportedly jammed with rocker Meat Loaf. A supporter of gay rights and Jewish charities, Singer has also attracted attention for his politics. Last year, he said Donald Trump's anti-trade policies would lead to a global depression, but he opposed new financial rules introduced under former President Barack Obama and is likely to support some of the changes contemplated by the new regime.
His firm's investment strategies range widely, from buying distressed debt, to intervening during mergers. It often targets companies where it believes the stock is undervalued, pushing for leadership changes, spin-offs, or share buybacks, which boost share values for existing stockholders. Critics compare the firm to a vulture capitalist, with a focus on short-term wins in its own interest.
InFrench regulators fined Elliott for insider trading. Politicians worried about jobs in their districts are among those pushing back on some of the firm's recent efforts. Elliott itself has made demands on dozens of companies in recent years, turning its attention beyond the technology firms that were once its primary focus.
The firm has also branched out its partnerships, working with a private equity firm in at least one instance and taking a large stake in Bentham Ventures, a firm focused on shareholder lawsuits.
China says it had confirmed new infections on Sunday, almost all of them brought in from abroad. It has taken on some of the world's biggest companies. More on this story.
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