Top Hedge Fund News, Member Posts, Hedge Fund Daily Indices and more!

4yrs ago Hedge Fund dealbreaker Views: 358

Everyone's least favorite activist investor is $3.2 billion certain that Ma Bell needs new leadership.

AT&T is a massive telecom company that also owns tv networks and satellite TV systems. It is a legendary American brand, an OG ticker on the stock exchange that was once so powerful it had to be broken up by the government. It's literally Ma Bell for cripe's sakes.

And believe it or not, Paul Singer thinks it's a mess that he can fix...

AT&T soared Monday after Paul Singer’s Elliott Management announced it owns $3.2 billion in the underperforming telecom giant’s stock.

The hedge fund said it sent a letter to the company’s board and argued for ways AT&T can “improve its business and realize a historic increase in value.”

Tee hee. Happy Monday, AT&T CEO Randall Stepehenson and your board, we hope you like living in Hell.

Elliott said the company could eventually be worth at least $60 per share, catapulting the stock up as much as 9% in premarket trading Monday. Some of the gains trimmed back later to 4% gain after the opening bell. Shares were trading just below $38 as U.S. markets opened. 

If the stock closes near its premarket levels, it would represent AT&T’s best day on Wall Street since March 2009. The stock closed at $36.25 on Friday.

And then Paul is going to ask for board seats, which will make your boardroom look like the end result of a Thanos snap-level event, and then he'll start agitating for a new CEO. That will be bad, because when Paul Singer agitates, a lot of people lose their jobs.

But, hey, people don't like huge American brands getting messed with by venal corporate raiders. Surely AT&T can rely on a savior to come along.

Welcome to your new reality, Randall.

AT&T shares jump after activist Elliott Management takes $3.2 billion stake, sees stock worth $60 [CNBC]


Today's Hedge Fund Headlines:

Log In for More
Access Over 250K+ Industry Headlines, Posts and Updates
Not a member yet?

Join AlphaMaven

The Premier Alternative Investment
Research and Due Diligence Platform for Investors

Free Membership for Qualified Investors and Industry Participants
  • Easily Customize Content to Match Your Investment Preferences
  • Breaking News 24/7/365
  • Daily Newsletter & Indices
  • Alternative Investment Listings & LeaderBoards
  • Industry Research, Due Diligence, Videos, Webinars, Events, Press Releases, Market Commentary, Newsletters, Fact Sheets, Presentations, Investment Mandates, Video PitchBooks & More!
  • Company Directory
  • Contact Directory
  • Member Posts & Publications
  • Alpha University Video Series to Expand Investor Knowledge
  • AUM Accelerator Program (designed for investment managers)
  • Over 450K+ Industry Headlines, Posts and Updates
ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.