Elliott’s approach to its investments is distinguished by our extensive due diligence, and our efforts on AT&T have followed this same approach. In total, the Plan calls for a 36% adjusted EBITDA margin in 2022, representing 300bps of EBITDA margin expansion over the next three years. We are a multi-strategy firm, and investing in the Technology, Media and Telecom (TMT) sector is one of our most successful efforts. Selected examples of our efforts include: We believe that this time- and resource-intensive exercise has given us a thorough understanding of the Company’s existing strengths and opportunities for improvement. Click the following link to view Activating AT&T Plan Results (Excluding Any Portfolio Actions): https://activatingatt.com/image14. Originating in 1984 as the smallest of the Baby Bells, Southwestern Bell (later renamed SBC) quickly embarked on an aggressive yet focused strategy of growth and execution. Click the following link to view DirecTV Leadership at Time of Acquisition: https://activatingatt.com/image5. Elliott Management Corporation is one of the oldest fund managers of its kind under continuous management. Ms. Algaze joined Elliott in 2013 after working at H.I.G. HOUSTON, March 09, 2020 -- Riviera Resources, Inc. announces that Andrew Taylor, who in his capacity as an employee of Elliott Management Corporation , served as a member of the Company’s... | … When combined with its attractive dividend yield, AT&T can immediately become a low-to-mid-double-digit value compounder. The powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction's corporate law) … Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support AT&T can implement (and articulate) a cogent and focused business strategy, a strategic shift away from acquisition and toward execution, the value is far greater than just financial, this review should not be limited to “smaller” businesses, While we look forward to sharing our initial views with the Board, the critical step is for AT&T to fully and formally embrace this review process today, AT&T should immediately initiate a review of its operations aided by third-party advisors, While unsurprising for a former regulated monopoly which many still liken to the federal government, AT&T suffers from a bureaucratic organization, the Plan calls for a 36% adjusted EBITDA margin in 2022, representing 300bps of EBITDA margin expansion over the next three years, the largest discrepancy to date and a substantial difference in profitability, As AT&T is currently making critical business and capital allocation decisions, it is our strong view that this review should commence without delay, No additional material M&A should be a part of the Company’s use of capital, allocating 50% of post-dividend free cash flow to debt repayment and 50% to share repurchases, the right team in place to execute and oversee it, For AT&T, its shareholders, customers and employees, the opportunity is too great, and the cost of continued mistakes too high, to get it wrong, we think it may be beneficial to evaluate the addition of qualified directors with specific domain expertise and operating skills suited for AT&T’s challenges today, AT&T must adopt corporate governance best practices, formation of a Strategy and Operations Committee of the Board, specifically focused on overseeing the strategic and operating reviews called for in the Plan, We believe that AT&T can achieve $60+ per share of value by the end of 2021, prior to any strategic actions regarding the portfolio, This level of potential value creation is unique for any company, let alone one with a market capitalization north of $250 billion, When the financial benefits of the Plan are combined with a tightened portfolio, re-focused strategy, commitment to responsible capital deployment, and enhanced oversight, the potential is even greater than the numbers shown above, these issues are addressable, and there is a path forward to realize unique value for all stakeholders, it must move past the era of asset accumulation and into one of integration and execution. Although Novell rejected the offer, Elliott "welcomed" the decision to sell the company. Volvo Car AB is the parent company in Volvo Car Group. The potential value creation to be unlocked through dispositions is beneficial on multiple fronts: AT&T will be able to generate meaningful proceeds today that can be used to both repay debt and invest in its highest-value strategic initiatives. We also strongly recommend the formation of a Strategy and Operations Committee of the Board. Samantha Algaze serves as Chairman of the Board of Managers of Claire’s Holdings LLC. By comparison, 300bps of margin expansion at AT&T would represent a net cost reduction of just over $5 billion – a number half as large as Verizon’s despite AT&T’s roughly 50% larger cost base. Gerri T. Elliott. Elliott argues that Alexion management's actions, including a recent move to acquire Portola Pharmaceuticals for about $1.4 billion, are leading in the "wrong direction." [37] The company also announced that the DIS CEO and CFO had signed lucrative management agreements that eventually would make them CEO and CFO, respectively, of Adecco. It has also been a direct reflection of a steady decline in AT&T’s operating performance.”. Communication is a vital component of good corporate governance. Such margin degradation would be disappointing in isolation, but it is particularly concerning given that it occurred alongside AT&T’s claims to have identified more than $2.5 billion of synergies, or more than 500bps of margin improvement, during the same period. As an advisor to the AuRico Gold Board of Directors, Mr. Elliott was instrumental in the reorganization of Gammon Gold through the name change to AuRico previously this year. Duster has served on the boards of directors of Alaska Communications Systems Groups, Inc. ... Stephen Spruiell Elliott Management Corporation (212) 478-2017 sspruiell@elliottmgmt.com. 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