Activist investor Elliott Management is ratcheting up the pressure on
The hedge fund disclosed a $1 billion stake in the Houston-based cell tower firm last month, arguing that Crown wasn’t getting proportional rewards for its hefty investment of time and money in its fiber-cable business. At the time, Elliott suggested Crown Castle (ticker: CCI) should target a 40% return on its fiber spending.
On Monday, Elliott turned up the heat, calling on Crown to immediately begin an operational and strategic review of the fiber business, claiming that Crown hasn’t yet put forth a credible plan to improve its fiber business. The hedge fund noted that, instead, Crown announced a series of “incremental steps and rear-guard actions,” including corporate-governance changes and the coming departure of its chief operations officer, which didn’t address Elliott’s