Crown Castle (CCI) Issues Statement in Response to Elliott
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November 27, 2023 7:41 AM EST
Elliott Investment Management L.P. ("Elliott"), which manages funds that collectively have an investment of approximately $2 billion in Crown Castle Inc. ("Crown Castle" or the "Company"), today released a letter and presentation detailing its perspectives on the Company's history of underperformance and calling for significant changes.
Elliott's 2023 "Restoring the Castle" campaign follows its 2020 "Reclaiming the Crown" campaign, which called for enhanced governance and fiber-strategy improvements at Crown Castle. In its letter today, Elliott noted that the Company "disregarded our data-driven analysis, and our recommended changes were neither made nor taken seriously." As a result, Crown Castle has continued to... More
November 27, 2023 5:57 AM EST
(Updated - November 27, 2023 8:08 AM EST)
Crown Castle (NYSE: CCI) shares rose more than 4.5% in U.S. premarket trading after activist investor Elliott Investment Management confirmed a stake in the company and plans to advocate for changes at the wireless tower owner.
With a stake exceeding $2 billion, Elliott plans to engage in discussions with the company to implement changes that... More
