Elliott Reveals $3.2B AT&T Stake, Calls For Divestitures

By Chelsea Naso (September 9, 2019, 5:08 PM EDT) -- Activist investor Elliott unveiled a $3.2 billion stake in AT&T on Monday and called on the telecom company to weigh divestitures and shift its focus from making multibillion-dollar acquisitions to improving its operations. 

The letter to AT&T Inc.'s board of directors from Elliott Management Corp. affiliates Elliott Associates LP and Elliott International LP questions the telecom company's strategic rationale for pursuing a conglomerate structure rather than doubling down on more promising areas in an effort to lift its stock price closer to its competitors'.

Elliott said the first step in the process is committing to a strategic review that looks at...

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