Southwest Air adopts 'poison pill' as activist investor Elliott takes significant stake in company

The airline said Wednesday that the shareholder rights plan is effective immediately and expires in a year. Southwest shareholders would need to give prior approval for an extension.

Southwest said that it adopted the rights plans due to several concerns, including Elliott's approximately 11% stake in the company and the flexibility that the firm has to acquire a significantly greater percentage of Southwest's voting power across two of its funds starting as early as July 11.

In midday trading, Southwest shares added 11 cents to $28.41. Shares of the company are down about 21% in the past year, while the benchmark S&P 500 index is up roughly 25% over the same time. -- Steve Ballmer passed Bill Gates on Monday to become the sixth-richest person in the world, the first time the former chief executive officer of Microsoft Corp. has been wealthier than the company’s co-founder.

Switzerland Neuesten Nachrichten, Switzerland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Apple unveils new features, Southwest Airlines pops on Elliott stake: Yahoo FinanceApple is taking the lid off its newest offerings at its Worldwide Developers Conference. The tech giant is showing off new AI tools and features coming to...
Herkunft: YahooFinanceCA - 🏆 47. / 63 Weiterlesen »

Investment firm Elliott takes US$1.9-billion stake in Southwest Airlines, is seeking to oust CEOIn a letter to the airline’s board, the investment firm complained that Southwest’s stock price has dropped more than 50% in the last three years
Herkunft: globebusiness - 🏆 31. / 66 Weiterlesen »