Elliott Investment Management has sent a letter and presentation to the Norwegian Cruise Line Holdings Board pushing for comprehensive changes at the company.
The materials point to strategic misjudgments, poor execution, financial underperformance, and erosion of investor confidence over the past decade. Elliott criticised the Board’s leadership selection process and called for new independent directors with industry expertise alongside a new executive team and business plan.
The activist investor outlined a path to restore credibility and boost shareholder value with a target stock price of $56 representing a 159pc increase from current levels. Elliott expressed willingness for constructive dialogue but indicated readiness to present its case to shareholders at the annual meeting.
Elliott Investment Management claim that Norwegian benefits from a rare combination of secular tailwinds, high-quality assets and untapped opportunity. Realizing this potential, however, requires meaningful change.
