Elliott Management has a large position in Cardinal Health Inc. and is seeking more seats on its board, the Wall Street Journal reported Monday, citing people familiar with the matter.
According to the report, Elliott named five directors to the 11-person board about two weeks ago before Cardinal abruptly replaced its CEO last week. The new moves would determine whether the management change at Cardinal could help boost the company's share price.
Cardinal had a market cap of more than $18 billion on Monday morning. Its shares rose 5% on both Thursday and Friday following the CEO change, and still on Monday were up by 2.94% at 12:27 am ET selling for $70.87.
