National Express investors blast activist Elliott’s calls

first_imgThursday 31 March 2011 8:13 pm National Express investors blast activist Elliott’s calls Show Comments ▼ Tags: NULL KCS-content Read This NextWATCH: Shohei Ohtani continues home run tear, Los Angeles Angels winSportsnautYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofBaked Sesame Salmon: Recipes Worth CookingFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof whatsapp Share whatsapp SHAREHOLDERS in transport group National Express hit back at activist hedge fund Elliott Advisors yesterday for attempting to destabilise the company’s recovery. Elliott, National Express’ second-largest shareholder with a 17 per cent stake, has proposed three independent directors to join the board.But shareholders, who declined to be named, said they supported chairman John Devaney and chief executive Dean Finch to turn the group’s fortunes around.“When a company is in the hands of well-regarded individuals it is all the more surprising that this rumpus starts,” one said. “We think this is a pretty bad development for all National Express shareholders.”Fund manager M&G, which holds a 13 per cent stake in National Trust, is also thought to oppose Elliott’s calls.National Express has improved its performance since 2009 when it fought off takeover offers and a rescue rights issue. Elliott says its director choices would work to make the group financially stronger and more able to compete with its European rivals to win new business.Elliott also bought a three per cent stake in Alliance Trust this week. last_img