Originally Posted by
GrayAnderson
I agree with blaming Elliott for this in large part, but it's not like other shareholders were telling Elliott where to shove it. Having said that, I also blame management cowardice - the number of companies willing to fold in the face of a disruptive minority shareholder is uncomfortable, and I swear that the execs must not bother saving any of their (very substantial) salaries to not be willing to tell them off.
77% of WN shares are owned by 20 fund managers. elliott didn't have to convince millions of shareholders, just 20 CEOs (from fidelity to blackrock) that stripping the company for parts is in their best interest.