Ancora secured two Board seats in Elanco Animal Health (ELAN)
Key Summary: On Feb 29, 2024, Ancora nominated four candidates to the Board. On April 1, 2024, the company entered into an agreement with Ancora and secured two Board seats. In an Oct 2021 Active-Passive Investor Summit, Starboard suggested Elanco could create value through improved operations, boosting shareholder confidence and valuation. In Dec 13, 2020, the company entered a cooperation agreement with Sachem Head (5.9%), appointing three new directors to the Board, including Scott Ferguson. Market Cap: $7.8 billion | Elanco Animal Health Incorporated, an animal health company, innovates, develops, manufactures, and markets products for companion and food animals.
On February 29, 2024, Ancora (3%) issued an Investor Presentation titled, “Overview: The Case for Change at Elanco’s 2024 Annual Meeting,” It has nominated four independent candidates for the company's Board of Directors at the 2024 AGM. Ancora highlighted concerns about the Board's insularity and the CEO's lack of accountability, despite the company's potential for value creation.
On April 1, 2024, the company entered into an agreement with Ancora and pursuant to it, the company announced the appointment of two candidates of Ancora to the Board expanding the Board to 14 members.
Past
On December 13, 2020, the company entered into a cooperation agreement with Sachem Head (5.9%) and pursuant to it, the company appointed three new directors to the Board. Scott Ferguson, managing partner of Sachem Head Capital Management, was one among them.
In an October 2021 Active-Passive Investor Summit, Starboard issued a presentation stating that Elanco can create substantial value for shareholders through improved operational execution, which will inspire greater confidence from shareholders, and lead to an improved valuation multiple.