Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

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

Stock Markets Dec 13, 2020 06:55PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

(Reuters) - Public Storage (NYSE:PSA) 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:WELL) CEO Shankh Mitra, former Equity Residential (NYSE:EQR) president David Neithercut and Paul Williams (NYSE:WMB), 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 https://on.wsj.com/348LL3H did not mention the amount of the stake built by Elliott.

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

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email