NEW YORK--(BUSINESS WIRE)--Elliott Management Corporation (“Elliott”), which manages funds that collectively beneficially own a 13.2% economic interest in Arconic Inc. (NYSE:ARNC) (“Arconic” or the “Company”), today released an investor presentation entitled “A New Arconic: An Opportunity for Real Change on May 25th.”
The presentation highlights the opportunity for Arconic shareholders to put in place Board leadership capable of bringing real change by voting for the shareholder nominees on the BLUE proxy card. The four highly qualified, independent shareholder nominees are an ideal mix of successful operators and proven change agents.
In its most recent letter to investors, Arconic’s Board made a significant admission: Despite appearing to realize that reincorporation in Delaware is the surest path to implementing the best-in-class corporate-governance practices that Arconic’s shareholders deserve, the Board declined to pursue reincorporation this year because it could have “substantially impacted its ability to compete with Elliott for shareholder support in the proxy contest.” (Emphasis added.)
While Arconic's board is obsessively focused on "winning" a proxy contest with its shareholders, as this presentation makes clear, Elliott is focused on real change that will benefit all of Arconic’s stakeholders and create value over the long term.
The chance for real change has not gone unnoticed by analysts, shareholders and influential media personalities alike, whose support is noted throughout the detailed presentation released today. The presentation also lays out how a new Arconic can rise on May 25th with a strategy that aspires for world-class performance.
Elliott Associates, L.P. and Elliott International, L.P. (collectively, “Elliott”), together with the other participants in Elliott’s proxy solicitation, have filed a definitive proxy statement and accompanying BLUE proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit proxies in connection with the 2017 annual meeting of shareholders (the “Annual Meeting”) of Arconic Inc. (the “Company”). Shareholders are advised to read the proxy statement and any other documents related to the solicitation of shareholders of the Company in connection with the Annual Meeting because they contain important information, including information relating to the participants in Elliott’s proxy solicitation. These materials and other materials filed by Elliott with the SEC in connection with the solicitation of proxies are available at no charge on the SEC’s website at http://www.sec.gov. The definitive proxy statement and other relevant documents filed by Elliott with the SEC are also available, without charge, by directing a request to Elliott’s proxy solicitor, Okapi Partners LLC, at its toll-free number 1-877-869-0171 or via email at firstname.lastname@example.org.
Elliott Management Corporation manages two multi-strategy hedge funds which combined have more than $32 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest hedge funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.