Deals
Elliott Urges Saga to Explore Options Including Breakup
- Hedge fund seeks potential split of insurance, cruise units
- Elliott disclosed 5.1% stake in U.K. company earlier today
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Elliott Management Corp. wants Saga Plc to explore options to boost returns for shareholders, including potentially separating its insurance and cruise businesses, according to people familiar with the matter.
The New York hedge fund, run by billionaire Paul Singer, disclosed earlier Wednesday that it holds 5.1% of voting rights in the company through financial instruments. Shares extended gains and rose as much as 10% in London, the most since July 4th, after details of Elliott’s strategy emerged. Saga is valued at about 516 million pounds ($640 million).