Elliott targets Southwest Airlines board in bid to shake up leadership
), seeking to replace as many as 10 directors as the hedge fund pushes to oust the airline's chief executive and improve performance, Elliott said on Tuesday.
Elliott said in a regulatory filing last week that it has a 7% beneficial ownership, putting it closer to the 10% stake required for an investor to call a special meeting. Elliott has been accumulating common shares rapidly, the filing said. Southwest reacted to Elliott's investment by adopting a shareholder rights plan, or poison pill, that would kick in after an investor acquires 12.5% or more of the stock and allow other shareholders to buy more stock at a discount to try and prevent a takeover.Scan QR code to install app
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