Elliott Calls for Sumitomo Realty Improvements in Rare Letter
Elliott Investment Management is calling for Sumitomo Realty & Development Co. to improve shareholder returns and corporate governance, saying the Japanese real estate developer's stock is worth 40% more than its current value.
The New York-based investment firm released a public letter Monday, saying it would vote against Tokyo-based Sumitomo Realty's senior management at the upcoming annual shareholders meeting if there's no meaningful progress made on improving its value.
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