Public Storage held talks with Elliott, which nominated six directors to its board

© Reuters.

(Reuters) – Public Storage (NYSE:) said on Sunday it held talks in recent weeks with activist hedge fund Elliott, which had confidentially submitted the names of six nominees for election to the U.S.-based self-storage company’s board of trustees.

Public Storage announced appointments of three new members to its board of trustees on Sunday, effective Jan. 1.

They included Welltower (NYSE:) CEO Shankh Mitra, former Equity Residential (NYSE:) president David Neithercut and Paul Williams (NYSE:), president of the National Association of Corporate Directors (NACD) Chicago Chapter, the statement added.

The company also said three current trustees – Uri Harkham, B. Wayne Hughes Jr and Daniel Staton – had decided to retire from the board effective Dec. 31.

“With the addition of Shankh, David, and Paul, the companyhas added five independent directors in the past 18 months,” Public Storage said.

The Wall Street Journal reported earlier on Sunday that activist hedge fund Elliott Management had built a significant stake in Public Storage and nominated six directors to its board.

It was not clear what Elliott is pushing for Public Storage’s management to do to boost its stock price. The WSJ report did not mention the amount of the stake built by Elliott.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button