Activist hedge fund Elliott discloses stake in UK's Whitbread [Reuters (UK)]
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Source: Reuters
Activist hedge fund Elliott discloses stake in UK's Whitbread - Reuters 2 Min Read (Reuters) - Premier Inn owner Whitbread ( WTB.L ) said on Friday activist investor Elliott Capital Advisors [ECAL.UL] disclosed a stake of below 5% in the company. The Sunday Telegraph reported in May that Elliott had become increasingly frustrated with Whitbread’s strategy of owning Premier Inn hotels outright and wants the company to offload chunks of its property portfolio. According to the report, the activist investor believes Whitbread’s strategy is “depressing” the company’s share price and is leaving it open to a cut-price hostile takeover. The company declined to comment further on Elliott's stake purchase, disclosed in a filing here Last August, Whitbread agreed to sell its almost 4,000 Costa coffee shops to Coca-Cola Co ( KO.N ) for $5.1 billion after pressure from hedge funds, including Elliott, which said the coffee chain was held back by being grouped with the Premier Inn hotel chain.
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