AT&T Inc shareholder Elliott Management Corp on Monday called for the wireless c...
) shareholder Elliott Management Corp on Monday called for the wireless carrier to sell some of its non-core businesses and cut costs in an effort to return more value to shareholders, sending its shares up 10%.
The hedge fund group, one of the United States best known activist investors, called the telecoms group “deeply undervalued” and questioned last year’s $85 billion purchase of Time Warner. Shares of the company, which closed at $36.25 per share on Friday, rose 10% in trading before the bell. “AT&T can unlock significant value by focusing its asset portfolio, improving operational performance, instituting clear capital priorities, and enhancing leadership and oversight.”
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