Elliott Buys Stake In Public Storage; Nominates Six Directors

(RTTNews) - Activist investors Elliott Associates, L.P. and Elliott International, L.P. have revealed that they have made a substantial investment in Public Storage (PSA) last week. They have also privately nominated six candidates to the PSA Board.

Elliott said it has been engaged in a private dialogue with Public Storage for more than a month.

In a letter, Elliott has outlined a set of proposals for Public Storage, including to refresh the board, form a new board committee, restore investor credibility by starting with an investor day.

"Through our time- and resource-intensive diligence process, we have concluded that Public Storage's underperformance derives from two main issues: (i) a failure to invest more aggressively in its strong asset base and (ii) lagging sales growth," Elliott said in a letter.