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Elliott’s $3.2 Billion AT&T Bet Signals ‘There Will Be a Fight’

  • Investor criticizes DirecTV, Time Warner and T-Mobile deals
  • Stock could gain more than 50% with an overhaul, Elliott says
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Elliott Management takes a $3.2 billion stake in AT&T. Bloomberg Intelligence’s John Butler discusses.Daybreak: Americas." (Source: Bloomberg)
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AT&T Inc.’s sweeping transformation from Ma Bell to a multimedia titan has gone both too far and not far enough for Elliott Management Corp.

Billionaire Paul Singer’s New York hedge fund disclosed a new $3.2 billion position in AT&T, taking on one of the nation’s biggest and most widely held companies with a plan to boost its share price by more than 50% through asset sales and cost cutting.