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Alliance Trust to repurchase Elliott Management stake, ending activist campaign

Dundee, Scotland-based Alliance Trust Plc said Jan. 27 that it reached an agreement with U.S. asset manager Elliott Management Corp. to buy back the latter's 19.75% stake in Alliance Trust.

Subject to independent shareholder approval, the buyback will take place in five tranches, each at a 4.75% discount to then-prevailing net asset value.

The move will bring to an end an activist campaign by Elliott Management that forced Alliance Trust to overhaul its board and investment process, Reuters reported Jan. 27.