Crown Castle has a barbarian at the portcullis: Activist investor Elliott asked the telecom-tower operator to improve its investment strategy and corporate governance. And the target is only weakly defended, says johnsfoley.
Elliott Management said on July 6 that it had amassed a $1 billion investment in telecom-tower operator Crown Castle International, and asked the company to improve its investment strategy and corporate governance.
Crown Castle operates around 40,000 communications towers in the United States and 80,000 miles of fiber that connects corporate and domestic users in urban areas. Elliott has requested that the company cut its investment in fiber to focus on projects with a return on investment of 40% or more, remunerate executives partly based on investment returns, and increase the dividend over time to $8 per share, compared with $4.58 in 2019.
The hedge fund also pointed to Crown Castle’s “extraordinarily long-tenured board," which includes three directors who have served since 1995. Crown Castle’s board said in a statement on July 6 that it was “open to all ideas to enhance shareholder value.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
KJ Apa Debuts Quarantine Beard – And Fans Have Mixed Feelings!KJ Apa Debuts Quarantine Beard - And Fans Have Mixed Feelings! (via JustJared)
Read more »
How Each Zodiac Sign Can Successfully Form New HabitsWhen trying to create a new routine, look to the stars for help.
Read more »
The Strategist Haul: What the Editors Bought in June'I bought some athletic-looking [bike shorts] with mesh panels from Target, but I wanted some with a look that was a bit more Princess Di-running-errands'
Read more »
UK unveils sanctions against human rights abusersBritain's Foreign Secretary Dominic Raab announces the government’s sanctions on individuals and states accused of human rights abuses
Read more »
Facebook groups against coronavirus restrictions pivot to attacks on Black Lives MatterA loose network of Facebook groups that took root across the U.S. in April to organize protests over coronavirus stay-at-home orders have new targets.
Read more »
Laura Anderson stuns with new look on first date with hunk Tom BrazierLaura Anderson and her new hunk Tom Brazier stepped out for their first date night since they went public with their romance in May
Read more »