Southwest Airlines adopts 'poison pill' to fend off activist Elliott Management
Publishing timestamp: 2024-07-03 11:24:31
Summary
Southwest Airlines adopts poison pill plan to fend off activist Elliott Management's push to oust CEO and Chairman. The plan will only activate if Elliott or another investor acquires at least 12.5% of the company. Southwest shares rose 1% after the announcement. Elliott has criticized Southwest's underperformance and the airline has been struggling with various issues. Southwest's board backed the current leadership and the company is open to ideas for value creation. Elliott has been successful in activist campaigns at other companies and has only had two losing years in five decades.
Sentiment: MIXED
Tickers: LUV, T, TXN, CRM, BA, HTZ,
Keywords: airlines, gary c. kelly, southwest airlines co, markets, business, activism, salesforce inc, hertz global holdings inc, travel, transportation, breaking news, texas instruments inc, boeing co, business news, mergers and acquisitions, breaking news: business, breaking news: markets, at&t inc,
Source: https://www.cnbc.com/2024/07/03/southwest-luv-activist-elliott-poison-pill.html