Co-founder Files Lawsuit To Invalidate Crown Castle's Cooperation Agreement With Elliott

(RTTNews) - Crown Castle Inc.'s (CCI) co-founder Ted Miller filed a complaint in the Delaware Court of Chancery to invalidate the co-operation agreement between the company and Elliot Investment Management, citing that it violates shareholders' interest.

The agreement, announced in December 2023, appointed two new directors from Elliot to Crown Castle's board without requiring the former to maintain an equity ownership position in the company.

Mr. Miller argued, "The Crown Castle Board's short-sighted decision to enter into this fundamentally unlawful cooperation agreement just prior to the Company's nomination window is yet another example of the Board's poor governance, lack of accountability, hostility towards its shareholders, and track record of flawed decision making, all of which have resulted in the destruction of tens of billions of dollars in shareholder value".

Currently, Crown Castle's stock is climbing 2.36 percent, to $108.16 on the New York Stock Exchange.