National Express Shareholders Oppose Elliott Move, FT Reports
Institutions with stakes in National Express Group Plc (NEX) expressed support for the transport company’s management, which is under attack by Elliott Advisors, the British arm of U.S. hedge-fund firm Elliott Associates LP, the Financial Times reported.
Elliott is urging a boardroom shake-up and there’s speculation that it wants National Express broken up, the newspaper said.
M&G Investment Management Ltd., which owns 13 percent of National Express, is satisfied with progress made by Chief Executive Officer Dean Finch and Chairman John Devaney and is unlikely to support Elliott, the FT said, without saying where it got the information.
Other, unidentified, shareholders described Elliott’s campaign as unhelpful and as conceived on a very short timescale, the newspaper said.
To contact the reporter on this story: Alan Purkiss in London on apurkiss@bloomberg.net.
To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net.
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