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Great Plains Energy Inc.
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Elliott Management Asks Evergy to Adopt High-Performance Plan Elliott Management Asks Evergy to Adopt High-Performance Plan Dow Jones By Allison Prang Activist investor Elliott Management Corp. sent a letter to Evergy Inc.'s (EVRG) board of directors asking the company to work on "a high-performance plan" and either change its leadership or do a stock-for-stock merger. Elliott, which said it owns an economic interest in the company that equals 11.3 million shares, said Evergy should adopt "a high-performance plan with the direct input of certain new highly-credentialed Board- and management-level leadership." The plan would be to boost investment in infrastructure and optimize operating expenses, Elliott said in its letter. Elliott also said the other option for the company is to do a stock-for-stock deal where whoever Evergy merges with could help enforce a high-performance plan. Elliott said stock performance since the company was created through the merger of Westar Energy Inc. and Great Plains Energy Inc. in 2018 "reflects investors' increasingly skeptical outlook on the Company's long-term plan and its recent strategic decisions." The activist investor said it has been talking with Evergy for the last three months. "While we currently appear to have differing views on the right path forward, we are hopeful that this discussion can continue," Elliott said in its letter. |
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