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AT&T: shares soar after Elliott discloses stake

(CercleFinance.com) - AT&T shares jumped 5% on Monday, after hedge fund Elliott Management disclosed a large stake in the US telecoms group, saying it saw a "compelling value-creation opportunity" at the phone company.


News of Elliott's 3.2 billion dollar stake in AT&T added more than 40 billion dollars to the company's market value, which now exceeds 273 billion dollars.

The investment was disclosed in a letter to AT&T's board of directors from the fund.

Elliott's letter outlines a four-part plan that is supposed to enable AT&T to achieve a value per share of over 60 dollars by the end of 2021, representing 65% premium on Friday's share price.

Saying that AT&T today is "deeply undervalued," Elliott said its plan recommends increased strategic focus, improved operational efficiency, a formal capital allocation framework, and enhanced leadership.

The shares were up 5% at 38.1 dollars in early morning trading on the NYSE.

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