This translation has been automatically generated and has not been verified for accuracy.AT&T Inc 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 per cent.
Elliott, which has an interest in AT&T together worth about $3.2 billion, said the company could achieve a value per share of more than $60 by the end of 2021 if it follows the shareholder’s plan.Shares of the company, which closed at $36.25 per share on Friday, rose 10 per cent 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.” Elliott, which oversees $35-billion in assets, has waged successful campaigns for major change at firms including EBay Inc, software firm SAP and Telecom Italia. It said its investment in AT&T has been its largest ever.
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