'Poison Pill' Activated: Southwest Airlines Counters Elliott Investment's Move With Defense Strategy
'Poison Pill' Activated: Southwest Airlines Counters Elliott Investment's Move With Defense Strategy
Southwest Airlines Company (NYSE:LUV) has implemented a limited-duration shareholder rights plan in response to an 11% stake by Elliott Investment Management.
西南航空公司（紐交所股票代碼：LUV）已經採取了一項有限期的股東權益計劃，以應對艾略特投資管理公司所持有的11%股份。
Gary Kelly, Executive Chairman of the Board, said, "In light of the potential for Elliott to significantly increase its position in Southwest Airlines, the Board determined that adopting the Rights Plan is prudent to fulfill its fiduciary duties to all Shareholders."
董事會執行主席Gary Kelly表示：“鑑於Elliott可能會大幅增加其在西南航空的持股，董事會決定採取這項權益計劃是爲了履行其對所有股東的責任。”
The plan takes immediate effect and will last for one year, with any extension requiring shareholder approval.
該計劃立即生效，有效期爲一年，任何延長均需要股東批准。
The rights plan is designed to deter the acquisition of actual, de facto or negative control of Southwest Airlines by any person or group without appropriately compensating its shareholders for that control.
該權益計劃旨在阻止任何人或團體未適當補償其股東控制西南航空的實際、事實或否定性控制的收購。
Pursuant to the plan, Southwest Airlines is issuing one right for each share of common stock. The rights will generally become exercisable only if any person or group acquires a stake of 12.5% or more.
根據計劃，西南航空將爲每股普通股發行一份權益。權利通常只有在任何人或團體持有12.5%或以上的股份時才能行使。
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In a release dated June 26, Elliott raised questions on the company's leadership capabilities. "Fundamental leadership change is urgently needed at Southwest. Elliott is committed to delivering the leadership changes that the company requires," it said.
Elliott在6月26日的公告中對公司的領導能力提出了質疑。“西南航空迫切需要進行基本的領導變革。Elliott致力於提供公司所需的領導層變革。”
However, Kelly highlighted today that the company is now open to new ideas.
然而，Kelly今天強調，公司現在對新想法持開放態度。
"Southwest Airlines has made a good faith effort to engage constructively with Elliott Investment Management since its initial investment and remains open to any ideas for lasting value creation," Kelly added.
“自投資以來，西南航空已經盡力與Elliott Investment Management進行建設性的接觸，並且仍然對任何產生持續價值創造的想法持開放態度。”Kelly補充道。
Last month, the company lowered its outlook for second-quarter unit revenues.
上個月，該公司下調了第二季度單位收益的預期。
The company said it anticipates a 4% to 4.5% decline in operating revenue per available seat mile (unit revenues), contrasting sharply with the previous expectation of a 1.5% to 3.5% decrease.
公司表示，預計每可用座英里的運營收入（單位收入）將下降4%至4.5%，與之前預期的下降1.5%至3.5%形成鮮明對比。
Southwest Airlines said in an exchange filing that the reduction was driven primarily by the complexities of adapting revenue management to current booking patterns in this dynamic environment.
西南航空在一份文件中說，這次減少主要是由於在這種動態環境下調整收入管理方面的複雜性所致。交易文件減少主要是由於在這種動態環境下調整收入管理方面的複雜性所致。
However, despite lowered expectations, the company continues to expect an all-time quarterly record for operating revenue in the second quarter of 2024.
然而，儘管預期降低，公司仍然期望第二季度創造有史以來的最高季度營業收入記錄。
Price Action: LUV shares are trading higher by 0.39% to $28.40 premarket at last check Wednesday.
股票價格行情：週三最後一次檢查時，LUV股票交易價格上漲0.39%，至28.40美元。
Image by Around the World Photos via Shutterstock
由Shutterstock提供的Around the World Photos影像。
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