A Timeline Of Arconic's Rancorous Battle With Elliott Management

A proxy battle between Arconic Inc ARNC and Elliott Management, an activist investor and major shareholder, ended on Monday. As part of an agreement between the two entities, Elliott will nominate three cirectors and Arconic will elect two members on May 25.

Deutsche Bank's Jorge Beristain commented in a research report on Monday that the resolution will put Arconic's management in a better position to "refocus on accelerating shareholder returns" and find a suitable new CEO.

Proxy Battle, In Review

Here is a brief timeline of the conflict, which dates back to last year:

• Nov. 4, 2016: A filing from Elliott showed the firm increased its stake from 7.5 percent to 9 percent. Elliott said it expects to talk with the company soon.
• Jan. 31, 2017: Elliott Management said it plans on nominating five independent director candidates to Arconic's board.
• Feb. 7, 2017: Arconic publicly questioned if Elliott understands its business prior to beginning a proxy battle. Elliott Management responded in its own letter to the board.
• March 2, 2017: Arconic's independent directors wrote a letter to shareholders saying Elliott's efforts represent an attempt to assert undue influence over its board and leadership.
• March 16, 2017: Elliott publicly demanded an explanation from Arconic's board related to alleged vote buying.
• March 27, 2017: Arconic released a presentation which highlights Elliott's "misunderstanding" of its business.
• April 17, 2017: Klaus Kleinfeld stepped down as CEO after the board concluded he displayed "poor judgment" by sending a letter directly to a senior Elliott executive without authorization.
• May 11, 2017: Elliott received support from Glass Lewis for all four of its independent shareholder nominees.
• May 15, 2017: Elliott received support from ISS for its proxy campaign.
• May 22, 2017: Arconic confirms a resolution with Elliott to end the proxy contest.

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