Elliott's $2B Siege Positions to Topple Crown Castle's Reign in Houston

Elliott's $2B Siege Positions to Topple Crown Castle's Reign in HoustonSource: Google Street View
Elliott Greene
Published on November 28, 2023

Activist investor Elliott Investment Management, wielding a hefty $2 billion stake, aims its lance at the heart of Houston's telecom titan, Crown Castle. Elliott, unsatisfied with Crown Castle's strategy and leadership, has unsheathed plans for a boardroom crusade, potentially setting the stage for a fiery proxy battle in May 2024, as reported by the Houston Chronicle.

Elliott, reminiscing about their 2020 "Reclaiming the Crown" campaign, launches "Restoring the Castle," calling for new leadership to address what they call Crown Castle's long-term underperformance, according to the Houston Business Journal.

Elliott's previous campaign has already left a mark on the board, forcing Crown Castle to swap out five members. Yet, grievances linger, as the investor group claims Crown Castle's board suffers from a "profound lack of oversight," contributing to "irresponsible stewardship and flawed financial policy," the Houston Chronicle indicates. Meanwhile, Crown Castle's shares, after a bumpy ride, saw a nearly 3.6% hike to $107.15 following the investor's recent epistle.