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Elliott Takes the Scenic Route for Arconic Revival

(Bloomberg) After Elliott Management Corp. claimed victory in its boardroom battle at Arconic Inc. last May, I warned that the hard part was just starting. I didn’t know the half of it. Elliott’s agreement to nominate three board directors capped one of the nastiest (and most bizarre) activist spats of the past few years, with former Arconic CEO Klaus Kleinfeld ousted over a threatening letter and soccer ball he sent to the hedge fund’s founder, Paul Singer. Investors were looking for a regime change, and they certainly got one. Only two board members standing for election at today’s annual meeting started their tenures before 2016, and the company has made plans to scrap symbolic eyesores like a ritzy Park Avenue headquarters. 1 Financially speaking, though, investors are worse off.

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