LONDON (Reuters) - Alliance Trust (L:ATST) spent three million pounds defending itself against a board overhaul campaign led by Elliott Advisors, the trust's chairwoman, Karin Forseke, told shareholders on Wednesday.
The investment firm agreed on Tuesday to revamp its board by appointing two of the three directors suggested by Elliott, settling a six-week campaign by the activist investor.
Forseke made the disclosure at the company's annual general meeting in Dundee, Scotland, a spokeswoman told Reuters.