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Gold/Mining/Energy : Alcoa, Inc. (NYSE:AA)
AA 35.26-5.3%3:59 PM EST
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From: Sr K2/7/2017 8:58:50 PM
   of 67
 
on Briefing.com
re: Alcoa and Arconic

5:55 pm Arconic: Elliott Management (12% economic interest holder) sends letter in response to the Board's Feb 6 communication to shareholders ( ARNC) :
  • "In short, despite the Company's best efforts to strain to do so, there is simply no amount of data-mining that can dress up the Company's performance under Dr. Kleinfeld... it does not matter which peer set investors reference or which time period they focus on -- the degree of underperformance has been such that all time periods and all peer sets tell the same miserable story."
  • Elliott's stance: "Since Elliott went public with our analysis and call to remove Dr.Kleinfeld as CEO, Arconic's market value has climbed by approximately $1.5 billion over just four trading days. We have received a prolific outpouring of support from institutional and other investors, analysts, the media, and, perhaps most notably, Company employees (both former and current). At least two of the Company's other top-ten largest shareholders and at least three of its other top-fifteen have now come forward publicly in support of change."
  • Next Steps: Elliott agrees with the Board that 'this is a critically important, formative time for Arconic,' which is all the more reason for the Board to consider seriously Elliott's concern, shared by numerous other investors in Arconic, regarding the Company's leadership.
  • Letter.
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