Such meetings are rare but would signal Elliott Investment Management has advanced its fight to elect 10 new members to the Dallas-based airline’s board.
Elliott Investment Management , the activist investor aggressively pushing for change at Dallas -based Southwest Airlines , says it now has control of the required 10% of shares needed to call a special shareholder meeting. The total beneficial ownership was disclosed in a government filing Tuesday and shows Elliott had reached more than 61 million common shares.
Southwest Airlines reaches $140 million settlement over holiday flight-canceling meltdown last year Elliott is demanding that Southwest reevaluate its board of directors, bring in new leadership and conduct a business review. Southwest and Elliott are scheduled to meet Sept. 9. “We remain prepared to meet with Elliott next week and look forward to sharing details on our continued transformation at our investor day on Sept. 26,” a Southwest spokesperson said in an email.
Southwest Airlines visible on popular Google Flights price-comparison tool On June 10, the hedge fund took an 11% economic stake through derivatives. Since then, Elliott has converted enough of those holdings into common shares to cross the 10% threshold. Its overall economic stake has stayed the same since the initial disclosure. When Elliott sought after more shares, Southwest enacted a “poison pill plan,” a plan often used to thwart activist investors looking to take over a company.
Elliott Investment Management Google Elliott Bob Jordan Gary Kelly William Cunningham David Hess David Biegler Jill Soltau Thomas Gilligan Rakesh Gangwal Veronica Biggins Douglas Brooks Lisa Atherton Dallas San Antonio International Airport
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