February 1, 2016
Alcoa agreed to expand the company’s board from 12 to 15 directors and to appoint three individuals supported by Elliott to the company board.
On February 1, Alcoa Inc. entered into an agreement with funds advised by Elliott Management Corp., in which Alcoa agreed to expand the company’s board from 12 to 15 directors and to appoint three individuals supported by Elliott to the company board. With the additions, Elliott, which owns roughly 7.5% of Alcoa stock, has agreed to support the company’s slate of nominees at its 2016 shareholder meeting.
Alcoa, incorporated in Pennsylvania, is a global leader in lightweight metals technology, engineering and manufacturing.
Partners Maurice Lefkort and Michael Schwartz, associate Jonathan Kubek and law clerk Hugh McLaughlin represented Elliott in connection with the negotiated agreement.
