Your background missed Elliot’s 5yr+ activist history towards Citrix since 2015, with a brief break around 2020. At the time of this deal, they owned ~12% of Citrix. After 2020 board changes, Elliot bought back into Citrix around Q3 21, so at best around $95-100/sh. This deal pays out $104/sh. So it’s almost a rollover from their equity to PE fund.
Elliot is obsessed with Citrix, and this is furthering their conviction with leverage to boost their opportunity.
Elliot is obsessed with Citrix, and this is furthering their conviction with leverage to boost their opportunity.