US ACTIVIST investor
The group took its shareholding in
The move will unnerve both companies given Elliott's aggressive reputation for demanding widescale changes at the companies it owns.
It recently took a large stake in supermarket
F&C is currently in the midst of a takeover by Canadian financial giant BMO and analysts last night said Elliott's move could be designed to increase the price.
"It looks like merger arbitrage from them," Canaccord Genuity analyst Arun Melmane said. "There was a feeling the take out price wasn't knock out."
"We would not be surprised if its buyback programme became more active once again or if Elliott tried to exit through a tender offer," he said.
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