Elliott Management, which manages holds an 8.4 percent interest in American Capital (ACAS), has filed a presentation with the Securities and Exchange Commission (SEC), asking ACAS stockholders to vote against the company’s planned BDC spin-off.
American Capital didn’t respond to a request for comment by press time.
In Elliott’s letter to American Capital’s board, the firm said: “We are convinced that the company’s plan to spin out BDC assets into a new business development company and create a stand-alone, external asset manager will put valuable assets at risk, serve to entrench management and significantly limit options for future stockholder value...
