GREENFIELD, Ind. - Elanco Animal Health (NYSE:ELAN) Incorporated (NYSE: ELAN), a global animal health company, is confronting a push from investor Ancora Holdings Group, LLC, which has nominated four director candidates to Elanco's Board despite the company's reported operational progress and shareholder engagement efforts.
Elanco has recently experienced growth, attributed to its Innovation, Portfolio, and Productivity strategy under CEO Jeff Simmons. The company has seen a 39% increase in its stock over the past year, boasting a 52-week high earlier this week and outperforming its peers, according to data from FactSet as of February 28, 2024.
Despite this performance, Ancora, which has only requested two meetings with Elanco, has not allowed the board to meet its nominees. Ancora is insisting on adding three of its candidates to Elanco's Board and is calling for significant changes in the company's leadership without prior engagement with the proposed nominees.
In response, Elanco has emphasized its ongoing efforts to improve company performance, including the sale of its aqua business to reduce leverage and a resource restructuring to invest in areas of higher value creation. Additionally, Elanco has sought to enhance corporate governance and shareholder rights.
Elanco's leadership remains focused on minimizing distractions and executing strategies that align with shareholder interests. The company has engaged financial advisor Spotlight Advisors and legal advisor Wachtell, Lipton, Rosen & Katz in light of the developments.
Elanco, known for its nearly 70-year history in animal health, is committed to innovation and delivering products that treat diseases in farm animals and pets. The company's vision includes the Elanco Healthy Purpose™ Sustainability Initiatives, aiming to positively impact animal, human, and environmental health.
The company plans to file a proxy statement and white proxy card with the SEC regarding the solicitation of proxies for its 2024 annual meeting of shareholders. Elanco urges investors and shareholders to review all relevant documents filed with the SEC before making any voting decisions.
This news is based on a press release statement from Elanco Animal Health Incorporated.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.