Alliance Trust Strikes Late-Night Deal to End Hedge Fund Battle

Bloomberg – Alliance Trust Plc struck a late-night deal with its largest shareholder, Elliott Advisors, to expand the board in a bid to avoid a public showdown at its annual general meeting in Scotland.

The deadline for shareholders to vote on Elliott’s proposal by proxy expired on Monday with the result so close as to force an agreement, two people with knowledge of the firms said on Tuesday. Both companies had maintained a dialog throughout the six-week battle, said the people, who asked not to be identified because the negotiations were confidential.

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