Elliott builds 10% stake in Norwegian Cruise, pushes for board change
Norwegian Viva is the second Prima-class ship for Norwegian Cruise Line, seen here at Great Stirrup Cay on Nov. 30, 2023.
Richard Tribou | Orlando Sentinel | Tribune News Service | Getty Images
Elliott Management on Tuesday disclosed it has built a 10% stake in Norwegian Cruise Line Holdings, as the activist investor pushes for changes to turn around the cruise operator.
Shares of the company were up more than 8% Tuesday morning. The stock fell more than 13% last year.
Elliott called for changes on the company’s board, arguing that the current directors had failed to fulfill their fundamental responsibilities, including their most important obligation of selecting the right leadership.
The activist investor also pushed for a new business plan at Norwegian, according to a presentation and letter sent to the company.
Norwegian Cruise did not immediately respond to Reuters’ request for comment.
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