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Actelion's share price rises after hedge fund calls on board members to go

This article was originally published in Scrip

Executive Summary

Actelion saw its share rise on the Zurich market on 4 February following the revelation that Elliot Associates, a $17 billion hedge fund, had written to the Swiss biotech's board of directors demanding that certain board members step down. The letter claims that the individuals targeted are acting against shareholders' best interests in resisting a potential takeover. Actelion's share price rose by 3.6% to CHF54.40 after the letter was made public on 3 February.

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