Tokyo Gas Co. shares surged 15% in early trading, marking the largest increase since 1987, following news that Elliott Investment Management acquired a 5.03% stake in the company. Elliott plans to propose significant changes, including the sale of assets like the Park Hyatt Tokyo hotel, to enhance capital efficiency.
Elliott Investment Management, a $70 billion activist hedge fund, successfully pressured Southwest Airlines into negotiations after publicly calling for a special shareholder meeting. The airline opted to concede rather than engage in a proxy fight, granting Elliott significant demands and enhancing its reputation in the competitive activist landscape.
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