Cognizant (CTSH) Responds to Elliott Management Letter; Welcomes Communications With All Shareholders
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Elliott discloses stake in Cognizant, urges board shakeup
November 28, 2016 9:23 AM EST(Reuters) - Activist investor Elliott Management disclosed a stake of more than 4 percent in Cognizant Technology Solutions (NASDAQ: CTSH) and urged the IT services provider in a letter to consider shaking up its board as one of several steps to boost shareholder value.
Cognizant said it had an "introductory discussion" with Elliott after receiving the letter on Monday morning.
"The company intends to review the letter carefully and will respond in due course," Cognizant said.
Shares of Cognizant, which disclosed in September that it was investigating possible... More
Elliott Management Sends Letter to Cognizant (CTSH) Outlining Three-Part 'Value-Enhancement Plan'
November 28, 2016 8:31 AM ESTElliott Management Corporation (Elliott), which manages funds that collectively beneficially own more than 4% of the common stock and equivalents of Cognizant Technology Solutions Corporation (Nasdaq: CTSH), sent a letter to the Board and Management of Cognizant outlining a three-part Value-Enhancement Plan. With a position of approximately $1.4 billion, Elliott ranks among the Companys largest shareholders.
According to the letter, Cognizant can achieve a value of $80$90+ per share by the end of 2017 by implementing the Value-Enhancement Plan, representing upside of 50% to 69% in just over a year. Elliott also requested a near-term meeting with the Board to... More
