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After Elliott Management revealed a $1.9 billion stake in Southwest Airlines in June, an initial rally in the stock quickly fizzled. Rather than sparking typical cheer on Wall Street, Elliott's campaign, spelled out in a 50-page presentation, led to confusion and concern among investors and customers.
Southwest Airlines said Wednesday that it has adopted a shareholder rights plan, more commonly known as a "poison pill," in response to activist Elliott Management's investment in the airline and push to oust CEO Bob Jordan and Chairman Gary Kelly.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here .
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here .
Southwest Airlines shares fell Wednesday after the carrier cut its second-quarter revenue forecast, citing changing booking patterns.
A top Southwest Airlines shareholder on Wednesday signaled its support for Elliott Management's activist campaign to oust CEO Bob Jordan and Executive Chairman Gary Kelly, as the carrier struggles with underperformance compared with some of its rivals.