LONDON – Hedge fund Elliott Advisors has become the second activist investor to call for Whitbread to split its hotel and coffee shop businesses, sources report.
The London-based fund’s is now worth more than £430m, making it the largest shareholder in Whitbread and giving it various voting rights that will allow the investor to press its case for splitting Costa Coffee from the rest of the business.
Whitbread’s share price jumped more than 6 per cent on Monday morning following reports over the weekend that Elliott had bought more shares in the company.
Elliott agrees with fellow activist Sachem Head that Whitbread should split into two but differs on the best way to proceed from there.
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