Activist Elliott grows stake in Equinix, holds talks with company
The hedge fund, which has made a string of profitable technology investments including bets on Salesforce, Texas Instruments and Hewlett Packard Enterprise, has been holding discussions with Equinix, said the person, who was not permitted to discuss the private talks publicly. Neither Elliott's exact demands for the company nor the exact size of the stake could be learned.
Equinix's stock price climbed 1.5 per cent on Monday to close trading at $789.19.
Elliott swooped in after Equinix investors were caught off guard at the company's analyst day last month by news of a higher than expected capital expenditure plan that sparked a sharp sell-off. The stock price tumbled 18 per cent in the two trading sessions following the June 25 analysts day, the first for Equinix's new chief executive officer, Adaire Fox-Martin.
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