Elliott Sends 220 Demand And Letter To The Board Of Crown Castle Inc.
Portfolio Pulse from Benzinga Newsdesk
Elliott Investment Management L.P., managing funds with a $2 billion investment in Crown Castle Inc. (CCI), has submitted a Section 220 demand to inspect CCI's books and records. This follows CCI's adoption of bylaw amendments that Elliott views as shareholder-unfriendly and a breach of fiduciary duties by CCI's Board. Elliott criticizes the 'Acting in Concert' provisions, which they believe disenfranchise shareholders and are prohibited under Delaware law. Elliott calls for the reconstitution of CCI's Board with directors committed to best-in-class governance.
November 28, 2023 | 9:24 pm
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Elliott Investment Management's Section 220 demand and criticism of Crown Castle's bylaw amendments could lead to increased scrutiny of CCI's corporate governance practices and potential board changes.
The news of Elliott's demand for inspection and criticism of CCI's bylaws could negatively impact investor sentiment in the short term due to potential legal disputes and uncertainty regarding the company's governance structure. The call for board reconstitution suggests significant changes that could affect the company's strategic direction.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100