Joseph Walker, Cara Lombardo
Activist investor Elliott Management has a large position in Cardinal Health Inc. and is seeking a handful of seats on the medical-products distributor’s board, according to people familiar with the matter.
Elliott nominated five directors to the 11-person board roughly two weeks ago, before Cardinal abruptly replaced its chief executive last week, the people said. The Wall Street Journal reported last week that activists have been circling Cardinal /zigman2/quotes/206646342/composite CAH -2.21% this year with an eye toward whether management change could help boost the company’s share price.
Elliott’s exact intentions couldn’t be learned. The deadline to nominate directors for election at its annual meeting to be held this fall was Aug. 7.
“We maintain a regular dialogue with all our investors as part of our robust shareholder engagement program,” said a Cardinal spokesman. “We do not, however, comment on the holdings of individual shareholders.”
An expanded version of this report appears on WSJ.com.
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