After Elanco Animal Health announced that its board expects to seek approval at the 2024 AGM to begin declassifying the board, Dealreporter said the “news is interesting as ELAN is no stranger to activists,” contacts tell The Fly. Given the planned changes, an “activist will be able to push for more change with one proxy fight” and “given the company remains vulnerable to an activist, and at least two major funds are familiar with the business, ELAN appears to be creeping back up the activist watchlist,” the M&A-focused publication added, according to contacts.
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