Sparks are expected to fly after Elliott Management made a multibillion-dollar investment in CRM powerhouse Salesforce.
For those not in the know, Elliott Management has a history of investing in companies and then forcing them to turn over more money to shareholders. It is expected that Elliott will force more layoffs at the outfit.
Salesforce has been doing well as a company but not returned enough cash to investors, which makes it ripe for activism.
In a statement Elliott Management managing partner Jesse Cohn said his outfit was ,looking forward to “working constructively with Salesforce to realise the value befitting a company of its stature.
“Salesforce is one of the preeminent software companies in the world, and having followed the company for nearly two decades, we have developed a deep respect for (Salesforce co-founder and co-chief Executive) Marc Benioff and what he has built,” said Cohn.
