Deals
Elliott Takes $760 Million Evergy Stake in Push for Overhaul
- Hedge fund says changes could unlock $5 billion in value
- Elliott has a history of pushing for changes at big companies
Evergy logo on a smartphone.
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Activist investor Elliott Management Corp. disclosed a $760 million stake in Evergy Inc. and pressed the U.S. Midwest utility owner to overhaul leadership or explore a merger.
The New York hedge fund, run by billionaire Paul Singer, owns 11.3 million shares in the Kansas City, Missouri-based energy company and sees it as undervalued, Elliott said in a letter to Evergy’s board Tuesday. The activist fund said it could unlock as much as $5 billion in value for shareholders through its plan.