Elliott Management's Activist Campaign Boosts Goodyear Tire Stock.
TL;DR Summary
Goodyear Tire's stock jumped 20% after activist investor Elliott Investment Management reported a 10% stake and plans to seek five board seats, as well as the sale of its company-owned store network. Elliott believes that Goodyear could unlock more than $21 a share in value if it goes forward with the investor's suggestions, including exploring ways to monetize its company-owned store network and improving its margin. Goodyear said it plans to meet with Elliott and discuss its views about the tiremaker.
Topics:business#board-seats#business#company-owned-store-network#elliott-investment-management#goodyear-tire#margin-improvement
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