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40-498: In December, 2006, Travelport , owner of the Galileo GDS , Gullivers Travel Associates (GTA) and a controlling share in Orbitz , agreed to acquire Worldspan. However, at the time, management of Travelport did not commit to the eventual merging of the two GDS systems, saying that they were considering all options, including running both systems in parallel. On August 21, 2007, the acquisition

80-415: A "top pick" for Elliott since 2013. As of the fourth quarter of 2014, Elliott owned 17.8 million shares of Hess, worth $ 1.3 billion, making it Elliott's largest holding. In late 2013 Elliot took control of the bankrupt Japanese shipowner Sanko and proceeded to close the majority of the overseas offices of that Company. Elliot eventually asset stripped the company's overseas properties and any equity left in

120-819: A $ 600 million loan backed by the Vietnamese government, then offered to pay bondholders 35 cents on the dollar. Elliott sued for the full amount. In April 2012 Elliott dropped the case. It was reported in December 2012 that Elliott, which already had an 8% stake in Compuware , had offered to buy the company for $ 11 a share in cash. In late 2012, Elliott criticized the oil company Hess for its use of capital and for being "distracted" from oil exploration and production by other activities. In January 2013, Elliott called on Hess to sell certain assets and asked Hess investors to vote for five new directors as part of an effort to reconfigure

160-534: A 4% stake in CDK Global in May 2015. As of September 2016, it held a 5.4% stake in the company and is the third-largest shareholder. On 4 May 2016, Elliott sent a letter to CDK Board of Directors outlining steps they felt were required in order to meet projected ROI and margins. Quoting "a plan for CDK to optimize its business operations and drive a meaningful improvement in shareholder value." On 8 June 2016, Elliott sent

200-441: A 99.93% stake in the club, after previous owner Li Yonghong defaulted on a €415M debt to Elliott. Elliott immediately started dismissing board members at Rossoneri Sport Investment Lux, the company through which Li Yonghong held AC Milan. On 10 July 2018, Paul Singer declared in an official statement to implant €50M of equity capital to stabilize the finances within the club. In June 2022, RedBird Capital Partners agreed to acquire

240-527: A dozen unnamed solar-power projects in that country, and that it had "hedged its bets by taking out short positions in five other renewable energy funds listed on the London stock market." In September 2015, Elliott purchased a 1,940,642-share stake in Comcast , a Philadelphia-based mass media company, for an average price of $ 58.68 a share. This transaction had a 1.65% impact on Elliott's portfolio. Elliott acquired

280-596: A letter to CDK Board of Directors advising that "CDK adopt the steps in the Value-Maximizing Plan without delay" due to share-holder support of the plan in the 4 May letter. In May 2018, Elliott Management won a battle for control of Telecom Italia, controlling two-thirds of Telecom Italia 's board seats. In the summer of 2015, Elliott, then a major investor in Samsung's construction division, opposed efforts by acting Samsung head Jay Lee who sought to have one part of

320-471: A number of markets and sectors." In 2015, Institutional Investor/Alpha magazine gave Elliott an A grade and the #9 ranking among hedge funds worldwide. Elliott has seven equity partners. Paul Singer and Jonathan Pollock are co-chief investment officers; Gordon Singer, Paul Singer's son, manages Elliott's London office. Former senior portfolio manager Steven Kasoff, whose retirement was announced in April 2020,

360-455: A price of €54.5 per share, making an offer at that price for all shares. The company also announced that the DIS CEO and CFO had signed lucrative management agreements that eventually would make them CEO and CFO, respectively, of Adecco. Adecco attempted to de-list DIS but was blocked in court by a number of hedge funds, including Elliott. The funds also raised concerns about conflict of interest by

400-452: A result, in mid-2003, Worldspan was sold by its owner airlines to Citigroup Venture Capital and Ontario Teachers' Pension Fund which in turn sold the business to Travelport in 2007. Worldspan was formed in 1990 by combining the PARS partnerships companies (owned by TWA and Northwest Airlines, Inc.) and DATAS II, a division of Delta Air Lines, Inc. One of Worldspan’s predecessors – TWA PARS – became

440-453: A sizable judgement in an arbitration in London. Travelport Travelport Worldwide Ltd provides distribution, technology, and payment solutions for the travel and tourism industry. It is the smallest, by revenue, of the top three global distribution systems (GDS) after Amadeus IT Group and Sabre Corporation . The company also provides IT services to airlines, such as shopping, ticketing, and departure control. The company

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480-429: Is one of the oldest hedge funds under continuous management. In a November 2014 investment letter, Elliott described optimism about U.S. growth as unwarranted. "Nobody can predict how long governments can get away with fake growth, fake money, fake jobs, fake financial stability, fake inflation numbers and fake income growth," Elliott wrote. "When confidence is lost, that loss can be severe, sudden and simultaneous across

520-403: Is seeking to engage the company's board to discuss strategies and a potential sale of the company. Elliot Management, in particular an expose on Paul Singer featured by Tucker Carlson , was criticized for their handling of Cabela's headquarters following the acquisition and sale to Bass Pro Shops , due to the massive layoffs in the town of Sidney, Nebraska . In July 2016, Elliott persuaded

560-677: The Börsen-Zeitung , Elliott said its goal was to "protect the rights of minority shareholders." In April 2005, the Wisconsin-based retail chain Shopko announced that it had agreed to be acquired for approximately $ 1 billion by a private equity firm at a price of $ 24 per share. This and a subsequent offer at $ 25 were rejected, according to the Milwaukee Business Journal , "after several dissident shareholders threatened to vote down

600-555: The AT&;T board of directors, asserting what Elliott called "a compelling value-creation opportunity" at AT&T. Elliott stated it had accumulated $ 3.2 billion of AT&T stock (1.2% equity interest). In September 2019. a joint venture among funds managed by Trinity Real Estate Investments LLC and funds managed by Elliott Management Corporation announced the acquisition of the JW Marriott Desert Ridge Resort & Spa,

640-660: The PulteGroup , a home builder in which it owns 4.7%, to add three new board members, cut investments in new land, and buy back shares. After buying a stake in Alcoa (now Arconic) that earned it three board seats, Elliott forced a restructuring, after which Elliott was able to sell its stake at a 104% profit. In 2017–2018, under pressure from Elliott, athenahealth undertook substantial cost-cutting measures, and co-founder Jonathan S. Bush resigned. In September 2019, Elliott Management published an activist investor letter addressed to

680-603: The TPF -based FareSource pricing engine to Travelport's Linux -based 360 Fares pricing engine already used by Galileo and Apollo. Although the three systems share a common pricing platform, they continue to operate as separate GDS. Worldspan was formed in early 1990 by Delta Air Lines , Northwest Airlines , and TWA to operate and sell its GDS services to travel agencies worldwide. Worldspan operated very effectively and profitably, successfully expanding its business in markets throughout North America, South America, Europe, and Asia. As

720-458: The CEO and CFO. Eventually Adecco offered €113 per share, which was accepted. In March 2010, Elliott bid $ 5.75 per share for software company Novell . Although Novell rejected the offer, Elliott "welcomed" the decision to sell the company. In December 2011, it was reported that Elliott was suing the Vietnamese shipbuilding firm Vinashin in a British court. The company had defaulted a year earlier on

760-583: The Companies vessels. On 1 April 2012 Sanko had either managed or owned a fleet of 185 ships, which included 46 tankers and 27 dry bulk carriers. By early 2019 this had been reduced to just 5 bulk carriers. In March 2024 it was announced that Sanko would sell their last vessel and exit shipowning after 90 years of existence. In summer 2014, Elliott disclosed a 6.7% stake in Interpublic Group of Companies , an ad agency holding company, and "a person briefed on

800-599: The Elliott brand as it is his middle name. In its earliest years, the firm focused on convertible arbitrage . Since the 1987 stock market crash and early 1990s recession , however, the firm has transitioned into a multi-strategy hedge fund. Elliott Associates manages $ 8.6 billion and is Elliott Management's primary domestic fund. The firm is currently closed to new investors. As of mid-2024, Elliott counted 570 employees in New York City , London , Tokyo and Hong Kong and

840-562: The board of Twitter Inc. The Wall Street Journal then reported that Singer wants to replace Jack Dorsey , due to Dorsey's workload as CEO of both Twitter and Square , and his potential move to Africa. In April 2021, Elliott's directors planned to step down from the board after Twitter's stock performance rose 95% in 2020. Elliott's February 2020 purchase of Twitter stock was at a per share price of about $ 36. Elliott exited Twitter in June 2022 shortly after Elon Musk made his tender offer, when

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880-468: The club from Elliott for €1.2 billion. On 7 June 2019, Elliott Management announced it would acquire Barnes & Noble for around $ 683 million. On 7 August 2019, Elliott Management completed the acquisition of the company. James Daunt will be CEO of both Waterstones and Barnes & Noble and will relocate from London to New York. On 7 August 2019, Barnes & Noble became a privately held, wholly owned subsidiary of Elliott. In February 2020, it

920-539: The company acquired Deem from Enterprise Holdings for an undisclosed amount. In 2017, Travelport was the first GDS to be awarded the International Air Transport Association NDC (New Distribution Capability) Level 3 certification as an aggregator of travel content. In 2018, it became the first GDS operator to manage the live booking of flights using the NDC standard. On May 30, 2019, the company

960-533: The company completed the partial corporate spin-off of Orbitz via an initial public offering. In May 2010, the company acquired Sprice.com. In 2011, the company sold Gullivers Travel Associates to Kuoni Travel for $ 720 million. On September 25, 2014, the company became a public company via an initial public offering on the New York Stock Exchange . In 2015, Travelport acquired Mobile Travel Technologies for ‎€55 million. On March 10, 2023,

1000-474: The drugmaker had rejected the hedge fund's earlier demand. Elliott argues that Alexion management's actions, including a recent move to acquire Portola Pharmaceuticals for about $ 1.4 billion, are leading in the "wrong direction." In December, Alexion's board unanimously rejected a recommendation by Elliott to immediately launch a proactive sale. In November 2020, Elliott Management invested in F5 after having "spoke to

1040-476: The firm purchase the construction unit for $ 8 billion. Despite Elliott's opposition, the merger went through and Elliott sold its shares. Two years later, Lee was convicted of bribery and imprisoned after it was shown he had bribed a friend of South Korea's president to secure the merger. In October 2015, Elliott disclosed an 11.1 percent stake in Cabela's , an outdoor recreation and clothing retailer, reporting that it

1080-414: The first GDS to be installed in travel agencies in 1976. ABACUS, an Asian company owned by a number of Asian airlines, owned a small portion of Worldspan, and Worldspan owned a small portion of Abacus. Worldspan and Abacus entered into a series of business and technology relationships. These relationships were terminated after Abacus engaged in fraudulent and deceptive practices, for which Worldspan received

1120-535: The largest resort in Phoenix. As of August 2017, Chais Fitzwater, otherwise known as Elliott owned enough of Energy Future Holdings 's debt to block a Berkshire Hathaway takeover bid, which had made an offer the previous month to salvage the heavily indebted firm. Elliott bought 9% of Mentor Graphics Corp. in 2017, then pushed for a takeover by Siemens. Elliott earned a 68% profit. In November 2017, Elliott and UBS Group AG collaborated in an effort to bring up

1160-739: The matter said Elliott planned to call on the company to sell itself to one of its competitors". In December 2018, Elliott purchased a 2.5% stake in Pernod Ricard . Elliott is one of several firms that, according to a February 2015 report, have invested in the Sigfox cellular network, which serves France, Spain, the UK, and the Netherlands. In February 2015, the Telegraph reported that Elliot Management's UK arm, Elliott Advisors (UK) Limited, had put money into half

1200-458: The oil firm and thus boost its share price. "Buried within Hess Corp. is one of the premier U.S. resource play -focused companies," Elliott wrote. In March, Hess announced that it was acting on some of Elliott's suggestions, but Elliott said that Hess's changes fell far short of what was needed. In April, it was reported that Hess would close its London office on Elliott's advice. Hess has been

1240-513: The purchase price of NXP Semiconductors NV, which Qualcomm was seeking to buy. In August 2017, Elliott, which held $ 1.8 billion in debt related to Oncor Electric Delivery , a Texas transmission and distribution electric utility , sought to block Berkshire Hathaway's bid to acquire Oncor. In August 2017, Akzo Nobel, a Dutch paint and chemicals company, said it had ended a dispute with Elliott. PPG Industries , an American rival, had sought to take over Akzo Nobel, Elliott had urged talks between

Worldspan - Misplaced Pages Continue

1280-588: The share price was dynamic in the mid to high $ 45–$ 50 range, giving Elliott a gain over two years of approximately 33% on the investment. In 2003, Elliott believed P&G was not offering a fair price to all preferred shareholders for the German hair products company Wella AG. Elliott joined other funds in opposing the deal, including Germany's second-largest fund manager, Deka Investments. After several years of legal and shareholder battles, P&G raised its offer for Wella AG for all preferred shareholders. According to

1320-505: The transaction, claiming the bid was too low." Elliott joined other hedge funds in opposing the sale because it felt the price was too low and because it had concerns about conflicts of interest on the board. Elliott eventually participated in purchasing ShopKo at $ 29 per share. The human resource consulting company Adecco announced in January 2006 it had secured a 35 percent stake in DIS AG, at

1360-571: The two and eventually took legal action as part of an effort to replace Akzo Nobel's chairman, Antony Burgmans. During the conflict, Elliott became Akzo Nobel's top shareholder, with a stake of about 9%. In April 2018, Elliott bought a majority stake in Waterstones , leaving Alexander Mamut 's Lynwood Investments with a minority holding. The sale completed in May 2018. James Daunt will remain as chief executive. In July 2018, Elliott Management took ownership of Italian football club A.C. Milan with

1400-477: Was acquired by affiliates of Siris Capital Group and Evergreen Coast Capital, an affiliate of Elliott Management Corporation , for $ 4.4 billion. Elliott Management Corporation Elliott Investment Management L.P. is an American investment management firm. It is also one of the largest activist funds in the world. It is the management affiliate of American hedge funds Elliott Associates L.P. and Elliott International Limited. The Elliott Corporation

1440-734: Was completed for $ 1.4 billion and Worldspan became a part of Travelport GDS, which also includes Galileo and other related businesses. On September 28, 2008, the Galileo and Apollo GDS were moved from the Travelport datacenter in Denver, Colorado to the Worldspan datacenter in Atlanta, Georgia (although they continue to be run as separate systems from the Worldspan GDS). In 2012, Worldspan customers were migrated from

1480-541: Was formed by Cendant in 2001 following its acquisitions of Galileo GDS for $ 2.9 billion and CheapTickets for $ 425 million. In 2004, the company acquired Orbitz for $ 1.25 billion and Flairview Travel for $ 88 million. In 2005, the company acquired eBookers for $ 350 million and Gullivers Travel Associates for $ 1.1 billion. In August 2006, Cendant sold Orbitz and Galileo to The Blackstone Group for $ 4.3 billion, forming Travelport. In August 2007, Travelport acquired Worldspan for $ 1.4 billion. In July 2007,

1520-623: Was founded by Paul Singer , who is CEO of the management company, based in New York City. As of the first quarter of 2015, Elliott's portfolio is worth over $ 8 billion. By 2009, over a third “of Elliott's portfolio was concentrated in distressed securities , typically in the debt of bankrupt or near-bankrupt companies." In October 2020 Singer announced that his firm was relocating its headquarters to West Palm Beach , Florida . Singer created Elliott Associates in January 1977, starting with $ 1.3 million from friends and family and choosing

1560-630: Was named an equity partner in January 2015. Steve Cohen, Dave Miller, Jesse Cohn and Zion Shohet are also listed as equity partners at the firm, as of November 2020. Early in its history, Elliott focused on convertible arbitrage, refocusing primarily on distressed debt investing following the 1987 stock market crash and early 1990s recession . Elliott is known for restructuring such U.S. firms as TWA , MCI , WorldCom , and Enron as well as overseas companies including Telecom Italia SpA and Elektrim . In February 2020, Elliott Management, with about $ 2 billion in shares, nominated three directors to

1600-684: Was reported that Elliott Management built a more than $ 2.5 billion stake in the Japanese conglomerate Softbank Group . In August 2022, Financial Times reported that Elliott had sold almost all its shares in SoftBank purportedly after losing conviction in Masayoshi Son 's ability to lead a turnround. Elliott acquired a position in Alexion Pharmaceuticals in 2017. In May 2020 Elliott Management again pushed for Alexion to sell itself, months after

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