SEOUL: The showdown between U.S. activist hedge fund Elliott Management and Hyundai Motor Group is set to come to a head on Friday when shareholders gather to vote on the fund's demands for a hefty special dividend and a board shake-up.
Elliott is trying to rally shareholder support for dividend payouts from Hyundai Motor and Hyundai Mobis for 2018 worth a combined 7 trillion won , saying the group should dispose of its excess capital. "I cannot help but think that Elliott is trying to make quick bucks and leave rather than enhancing long-term shareholder value," said Kim Woo-chang, one of the members of the NPS panel which made the decision to vote against the proposals.Channel NewsAsia - Sentifi topic widget
Some investors remain deeply troubled by that decision and want to see change at the conglomerate, even if they are not ready to support Elliott's proposals.
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Source: The Straits Times - 🏆 8. / 63 Read more »