Elliott Management

Toyota Industries Corporation 6201

Toyota Industries' ¥18,800 take-private undervalues the company by 39%; shareholders should reject the tender and pursue a Standalone Plan worth >¥40,000 per share.

Toyota Industries Corporation 6201.T

Toyota Real Estate's ¥18,800 TOB undervalues Toyota Industries by 39% versus NAV and 85% on core business; shareholders should refuse to tender and pursue a standalone plan instead.

Toyota Industries Corporation 6201

Toyota Fudosan's ¥18,800 squeeze-out of Toyota Industries undervalues NAV by ~40%; reject the TOB and back Elliott's Standalone Plan targeting >¥40,000 per share by 2028.

Toyota Industries Corporation 6201

Toyota Industries' ¥18,800 take-private undervalues NAV ¥26,134 by 40%; rejecting the TOB and executing Elliott's Standalone Plan unlocks >¥40,000 per share by 2028.

PepsiCo Inc. PEP

Elliott argues a refocused PepsiCo — refranchising PBNA bottling, realigning PFNA's cost base, divesting non-core assets and setting new targets — can re-rate to peers and deliver 50%+ upside.

PepsiCo Inc. PEP

PepsiCo is a dislocated CPG bellwether; refranchising PBNA bottling, rightsizing PFNA costs and enforcing accountability can rerate the stock for 50%+ upside.

PepsiCo PEP

Sumitomo Realty & Development Co., Ltd. 8830

Sumitomo Realty trades at half its post-tax real-estate NAV due to excessive cross-shareholdings, weak payouts, and worst-in-class TOPIX 100 governance; fixing these unlocks 43% upside to ~¥8,000.

Phillips 66 PSX

Phillips 66 is an underperforming energy conglomerate; vote Elliott's GOLD card for four independent directors to streamline operations and unlock long-term shareholder value.

Phillips 66 PSX

Phillips 66 shareholders should vote the GOLD card for Elliott's four board nominees by May 21 to replace the failing status quo and unlock 75%+ stock upside.

Phillips 66 PSX

Phillips 66 has trailed Valero and Marathon by 138-188% over a decade while paying its CEOs $140M; Elliott's four nominees will simplify the conglomerate and unlock 75%+ upside.

Phillips 66 PSX

Phillips 66's conglomerate structure masks value; electing Elliott's four nominees to execute the Streamline 66 plan and fix governance lifts shares from $103 to $180+ (75% upside).

Phillips 66 PSX

Both top proxy advisors (ISS and Glass Lewis) back Elliott's Streamline 66 campaign, endorsing all four dissident nominees to fix Phillips 66's CEO-driven underperformance by the May 21 vote.

Phillips 66 PSX

Phillips 66 is underperforming under a board that obfuscates results; elect Elliott's four nominees on the GOLD card to replicate the Marathon playbook and unlock value.

Phillips 66 PSX

Phillips 66 is deeply undervalued under a conflicted, overpaid leadership team; electing Elliott's four directors and adopting the Streamline 66 portfolio-simplification plan could unlock 75%+ upside.

Phillips 66 PSX

Phillips 66 has underperformed Marathon and Valero for years while CEO Mark Lashier collected $79M; elect four Elliott nominees to break up the conglomerate and restore accountability.

Phillips 66 PSX

Phillips 66 shares jumped 11% on Elliott's Streamline 66 plan and sank when the board defended its conglomerate; vote for change to unlock value.

Phillips 66 PSX

Phillips 66 is a conglomerate trading at a refiner multiple; replace four directors, spin Midstream/CPChem/JET, and buy back 80% of shares for ~75% upside to $183.

Phillips 66 PSX

Elliott urges Phillips 66 holders to vote the GOLD card for four new directors and board declassification to unlock value via midstream spinoff and refining focus.

Phillips 66 PSX

Phillips 66's board has been captured by CEO-Chairman Mark Lashier; electing Elliott's four Gold Card nominees will restore independence and unlock value at this peer-lagging refiner.

Phillips 66 PSX

Phillips 66's dilutive midstream pivot has destroyed TSR versus refining peers; a midstream spin and refreshed governance — as at Marathon and Suncor — can unlock the buried value.

Phillips 66 PSX

Phillips 66 has squandered value through a failed midstream pivot and a captured board; electing Elliott's four nominees and separating midstream unlocks ~$40B+ of trapped value.

Phillips 66 PSX

Phillips 66's conglomerate structure traps midstream value and operational performance; replace four directors and separate midstream to close the gap with MPC and VLO peers.

Phillips 66 PSX

Phillips 66 is an underperforming energy conglomerate; adding Elliott's four operator-nominees to the board and simplifying the portfolio will reverse years of peer-lagging returns.

Phillips 66 PSX

Phillips 66's conglomerate structure has trapped value and lagged peers by 97% over 5 years; spinning midstream, fixing refining and refreshing the board unlocks ~75% upside to $183/share.

Phillips 66 PSX

Phillips 66's conglomerate discount and lagging refining execution have cost shareholders 450% vs peers; spinning midstream, divesting CPChem, and refreshing the board unlock ~75% upside to $183.

Phillips 66 PSX

Phillips 66 is a wonderful company with fantastic assets trapped inside a complex structure; electing Elliott's nominees and simplifying the portfolio unlocks long-term shareholder value.

Phillips 66 PSX

Phillips 66 lags refining peers under an ineffective CEO and legacy integrated structure; Elliott's GOLD card nominees and annual-election proposal are the vehicle to unlock trapped value.

Phillips 66 PSX

Phillips 66 keeps its staggered board despite 99% of voting shareholders wanting it gone — an entrenchment structure used by only 10% of S&P 500 firms.

Phillips 66 PSX

Phillips 66 is a chronically underperforming energy conglomerate; Elliott seeks four board seats and annual director elections to drive a breakup, refining turnaround and midstream separation.

Phillips 66 PSX

Elliott-commissioned investor survey ranks Phillips 66 last among refining peers on execution and capital allocation, reinforcing the Streamline 66 case for boardroom change.

Phillips 66 PSX

Phillips 66's conglomerate structure suppresses refining performance; spinning midstream and electing Elliott's four nominees replicates Marathon's ~150% outperformance playbook and restores PSX to industry leadership.

Phillips 66 PSX

Phillips 66's conglomerate structure masks refining underperformance; spinning midstream, monetizing the chemicals JV, refreshing the board and destaggering elections will unlock Marathon-style peer-gap upside.

Phillips 66 PSX

Phillips 66 is an underperforming energy conglomerate whose midstream and non-core assets should be sold or spun, with four Elliott nominees added to the board to drive the Streamline 66 plan.

Phillips 66 PSX

Phillips 66's three-business conglomerate is the root cause of peer underperformance; electing Elliott's four nominees and fully separating midstream from refining unlocks substantial value.

Phillips 66 PSX

Phillips 66's quality refining and midstream assets underperform under weak leadership; Elliott's four nominees plus annual board elections restore accountability and unlock value.

Phillips 66 PSX

Phillips 66's quality refining and midstream assets are being wasted by entrenched leadership; vote the GOLD card to install four industry veterans and de-stagger the Board.

Phillips 66 PSX

Elliott's Streamline 66 proxy fight argues Phillips 66 refining is underperforming its potential and that replacing directors with operators like Brian Coffman will unlock value.

Phillips 66 PSX

Phillips 66's world-class refining assets are underperforming Valero and Marathon because leadership has lost operating focus; Elliott's GOLD-card nominees can restore peer-leading excellence.

Phillips 66 PSX

Phillips 66 has trailed Valero and Marathon by triple digits over a decade; an upgraded Board via Elliott's Gold Card slate is needed to end entrenchment and unlock value.

Phillips 66 PSX

Phillips 66's inefficient conglomerate structure hides $40B+ midstream value; spinning it off, refocusing on refining, and refreshing the Board could lift shares from ~$120 to $200+.

Phillips 66 PSX

Elliott's $2.5B Phillips 66 stake argues that unlocking midstream value, returning capital and upgrading the board can drive PSX from $120 to $200+, a 65% upside.

Phillips 66 PSX

Phillips 66's CEO is talking down his own stock after a decade of underperformance; Elliott's Streamline66 slate targets a $200+ share price via a sum-of-parts breakup.

Phillips 66 PSX

Phillips 66 is deeply undervalued; Elliott's Streamline 66 plan and four new directors can deliver 65%+ upside by repeating the Marathon Petroleum playbook.

Phillips 66 PSX

Phillips 66 is worth $200 — 65% above today's $120 — if shareholders elect Elliott's slate and force the Streamline 66 simplification plan.

Phillips 66 PSX

Phillips 66's refining + midstream conglomerate has underperformed pure-play peers by up to 188% over a decade; separating the businesses would eliminate the structural discount.

Phillips 66 PSX

Phillips 66's conglomerate structure masks world-class midstream and chemicals assets; separating them, fixing refining, and refreshing the board closes a decade-long 188% TSR gap versus peers.

Phillips 66 PSX

Phillips 66's refining kit rivals Valero's, but weak commercial execution and bloated corporate leave a multi-dollar EBITDA-per-barrel gap that Streamline66 — portfolio fixes and a refreshed board — closes.

Phillips 66 PSX

Elliott escalates its Phillips 66 campaign by nominating seven independent directors and proposing annual board elections to force portfolio simplification, an operating review, and stronger oversight.

Phillips 66 PSX

Phillips 66's conglomerate hides world-class midstream worth $40bn+; spinning midstream, closing the $3.75/bbl refining gap to Valero, and refreshing the board can lift PSX from $120 to $200+.

Phillips 66 PSX

Phillips 66's conglomerate structure buries a world-class refiner and >$40bn midstream inside a low-multiple wrapper; spinning midstream, fixing refining and Marathon-style buybacks unlock $200-$300+ per share.

Phillips 66 PSX

Phillips 66's conglomerate structure traps value; spinning Midstream, selling the CPChem JV, and fixing refining lifts the stock from $120 to ~$200, with Marathon-style execution reaching $300+.

Southwest Airlines LUV

Elliott nominates David Cush, former Virgin America CEO, to Southwest's board as part of an eight-director slate to restore the airline's operational and financial performance.

Southwest Airlines Co. LUV

Elliott — ~11% owner of LUV — is running a proxy fight to replace Southwest's board with eight airline-veteran directors and restore the carrier to industry-leading performance.

Southwest Airlines LUV

Elliott, with ~11% of Southwest, calls the management team the worst in airlines and nominates ten independent directors to replace the CEO and restore industry-leading performance.

Southwest Airlines Co. LUV

Southwest's failed leaders are using a poison pill and 'false record dates' to dodge accountability; Elliott will call a special meeting to replace the Board and CEO Bob Jordan.

Southwest Airlines LUV

Southwest has become the industry's worst-performing airline under current leadership; Elliott nominates ten independent directors to replace the CEO and restore best-in-class performance.

Southwest Airlines Co. LUV

Southwest is the most compelling airline turnaround in two decades; replacing the entrenched CEO and Board with Elliott's ten nominees restores efficiency, product, and reliability.

Southwest Airlines Co. LUV

Southwest has destroyed 50%+ of shareholder value under Kelly and Jordan; replacing them and seating Elliott's 10 independent nominees plus a new board committee is required to restore best-in-class performance.

Southwest Airlines Co. LUV

Southwest's board entrenched itself with a poison pill instead of fixing chronic underperformance; Elliott demands CEO Bob Jordan out, the board reconstituted, and an external-led turnaround.

Southwest Airlines LUV

Elliott's $1.9bn, 11% stake argues Southwest's 50% decline reflects an insular 1971-era leadership culture; replacing the Chairman/CEO and refreshing the board can drive shares to $49 (+77%).

Southwest Airlines LUV

Southwest's 47-year profit streak has collapsed into worst-in-class margins under entrenched leadership; refreshing the board and hiring an external CEO unlocks 77% upside to $49.

Southwest Airlines LUV

Southwest, once a profit leader, now posts the worst margins of any major U.S. airline under entrenched insiders Kelly and Jordan; new leadership, a refreshed board and a strategic review unlock 77% upside to $49.

Southwest Airlines LUV

Southwest's market cap has halved as a 36-year-insider CEO refuses to evolve; replacing the Board and CEO and modernizing the commercial model targets $49 — 77% upside.

Texas Instruments TXN

TI's rigid $5bn/year capex ramp is building ~50% excess capacity and has collapsed FCF per share 75%; flex capex to demand and commit to $9.00+ per share by 2026.

Phillips 66 PSX

Phillips 66 has lost investor trust by taking its eye off refining; adding two refining-experienced directors — and Marathon's 2019 playbook if targets slip — unlocks ~75% upside to $205+.

The Goodyear Tire & Rubber Company GT

Goodyear's industry-low 5% margin and under-monetized 715-store retail platform create $32/share of value vs $11 today — via board refresh, retail sale, and operational review.

Sampo Oyj SAMPO

Sampo's crown-jewel IF P&C is mispriced because the Nordea bank stake and PE holdings have contaminated the equity story; separating them unlocks EUR 7bn+ / 35%+ upside.

Crown Castle International CCI

Crown Castle's $16bn fiber bet earns just 3% ROI; imposing a 40% capex-ROI target, ROIC-linked pay, and a Board refresh unlocks a 46% dividend hike to $7.00.

Alexion Pharmaceuticals, Inc. ALXN

Alexion's stand-alone strategy has failed — serial M&A missteps and a deep valuation discount mean the Board must pursue a sale now to unlock 40-50% upside for shareholders.

AT&T T

Unizo Holdings Company 3258.T

Unizo's board is dressing an insider-friendly employee buyout as a takeover defense; Elliott demands disclosure and conflict-of-interest safeguards under METI's Fair M&A Guidelines.

Marathon Petroleum Corporation MPC

Marathon Petroleum's conglomerate structure traps $22–$40bn of value; separating Refining, Midstream and Retail into three focused companies unlocks 60%+ upside now and over 100% long-term.

AT&T T

AT&T Inc. T

Telecom Italia TIT.MI

Vivendi destroyed value at TIM during its control; shareholders must reject Bolloré's nominees at the March 29 AGM and keep the independent board.

QEP Resources, Inc. QEP

QEP's core-of-the-core Permian assets are stranded in a broken public-company wrapper; Elliott offers $8.75/share cash — a 44% premium — to deliver certain value through sale.

Mitek Systems, Inc. MITK

Mitek's board is entrenching against ASG's $10 cash bid (51% premium) despite a declining core business, departed leadership, and a chairman dumping his own stock below the offer price.

athenahealth, Inc. ATHN

Elliott's $160 cash offer for athenahealth is being stonewalled by a disengaged board; immediate engagement on a take-private transaction is the value-maximizing path for shareholders.

athenahealth, Inc. ATHN

Elliott offers $160/share cash for athenahealth — a 27% premium valuing the company at ~$6.9bn — arguing chronic execution failures make going private the only path to realizing its HCIT potential.

Telecom Italia TIT.MI

Vivendi's 18% economic stake has captured TIM's board at the expense of minorities; electing Elliott's 10 Independent Nominees on May 4th restores governance while backing CEO Genish's plan.

Hyundai Motor Group

HMG's Mobis-Glovis spinoff is suboptimal; a true holding-company structure plus KRW 6tn buybacks, a 40-50% payout, and independent boards close peer discounts and deliver 15%+ upside.

Telecom Italia SpA (TIM) TIT.MI

TIM's operating turnaround is real, but Vivendi-controlled governance has tripled the peer discount; independent directors plus NetCo separation could double the stock to €1.6.

Commvault Systems, Inc. CVLT

Commvault, a product-respected software leader, trades at half the peer multiple because of 1,200bps of margin collapse and 20-year stale governance; a board refresh, operational review and capital return will close the gap.

BHP Billiton BHP

BHP's chronic underperformance stems from value-destructive petroleum bets and an obsolete DLC structure; demerging US petroleum, unifying the DLC and returning capital unlocks c.US$46bn.

Arconic Inc. ARNC

Arconic's CEO Kleinfeld is the worst-performing continuously tenured S&P 500 CEO; removing him and the board closes the PCC margin gap and re-rates the stock.

BHP Billiton BHP

BHP's DLC structure, stranded US petroleum, and undisciplined capital allocation depress value; unifying, demerging, and running 14% discounted buybacks unlocks ~49% upside and US$46bn.

Cognizant Technology Solutions CTSH

Cognizant's two-decade-old 19-20% margin policy and absent capital return have cratered its multiple; lifting margins to 23% plus a $2.5bn buyback and 75% FCF payout unlocks $80-$90/share, 50-69% upside.

Marathon Petroleum Corporation MPC

Marathon's integrated structure hides $14–19bn of value; dropping all MLP-qualifying assets to MPLX and spinning Speedway, refining, and midstream into three standalone companies would lift shares 60–80%+.

Marathon Petroleum Corporation MPC

Marathon is priced like a merchant refiner despite a 69% stable-earnings mix; dropping assets to MPLX and spinning Speedway, RefiningCo, and MidstreamCo unlocks $14-19bn (~60-80%+ upside).

Samsung Electronics Co., Ltd. 005930.KS

Samsung Electronics trades 34-68% below tech peers; demerging into Holdco/Opco, paying a KRW30tn special dividend and listing Opco on NASDAQ closes the gap while keeping Lee family control.

Bank of East Asia, Limited 0023.HK

BEA's 2.7% TAR since 1997 reflects chronic mismanagement; with CaixaBank's lock-in lifted, the board should auction the bank at ~2.0x book (~HK$60/share, 185% upside).

American Capital, Ltd. ACAS

American Capital trades at 71% of NAV under a long-tenured board; Elliott urges shareholders to reject management's self-entrenching spin-out and force a strategic review for 24-63% upside.

Riverbed Technology, Inc. RVBD

Riverbed's core WAN market is stagnant and the OPNET deal has disappointed; Elliott's $21 all-cash offer prices above peer and precedent-deal multiples, so the board should engage.

Juniper Networks JNPR

Juniper has badly underperformed peers for a decade; a $200M cost cut, a $3.5B buyback with dividend, and a security/switching review can drive shares to $35–$40 (57–77% upside).

Hess Corporation HES

Hess's world-class assets are squandered by 17 years of John Hess's undisciplined, unaccountable leadership; electing Elliott's five nominees unlocks $96-128 per share of intrinsic value.

Hess Corporation HES

Hess underperformed peers by 460% over 17 years of restructurings; splitting the conglomerate into a Bakken pure-play and an international E&P unlocks $128/share.

Hess Corporation HES

Hess trades at a steep discount because its unfocused portfolio and poor execution mask premier Bakken acreage; spin the resource co., replace the board, and unlock ~150% upside to $126.

BMC Software BMC

BMC's strong assets are trapped under an unengaged board and CEO Beauchamp who keeps missing his own targets; electing Elliott's four tech nominees opens a sale and long-overdue value.

Iron Mountain Incorporated IRM

Iron Mountain's 44%-margin NOAM storage cash cow is being squandered on low-ROIC Digital and Int'l bets; capital discipline plus a REIT conversion can lift the stock from $25 to $52-$77.

Norwegian (unspecified — inferred from filename)