Elliott Management writes to AT&T board of directors

Elliott Management Corporation, which manages funds that collectively beneficially own USD 3.2 billion of AT&T Inc., has released a letter outlining a compelling value-creation opportunity at AT&T, the company said.

The letter, addressed to the company´s Board, noted that the opportunity could lead AT&T to a USD 60+ per share value by the end of 2021, representing a 65%+ upside to today´s share price.

According to the letter, Elliott made the investment in AT&T — among its largest ever — because it exhibits a unique combination of historical underperformance, a depressed valuation, well-positioned assets and a clear path forward to generate extraordinary value for shareholders and other stakeholders.

The letter can be downloaded at ActivatingATT.com.