Elliott sends letter to Cognizant board outlining Value-Enhancement Plan
Elliott Management, which manages funds that collectively beneficially own more than 4% of the common stock and equivalents of Cognizant Technology Solutions Corporation, sent a letter to the Board and Management of Cognizant outlining a three-part Value-Enhancement Plan. With a position of approximately $1.4B, Elliott ranks among the company's largest shareholders. According to the letter, Cognizant can achieve a value of $80-$90+ per share by the end of 2017 by implementing the Value-Enhancement Plan, representing upside of 50% to 69% in just over a year. Elliott also requested a near-term meeting with the Board to share additional diligence and further thoughts. Elliott comments, "Elliott looks forward to working collaboratively with Frank, John and the entire Cognizant team, and we respectfully request a near-term meeting with the Board to further share our thoughts about this clear and compelling opportunity."