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  "notes": "Uses a series of case studies to counter the narrative that management resistance is a valid reason to avoid engagement.",
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      "text": "In multiple engagements, Elliott has worked with companies to effect meaningful portfolio transformation, even after encountering initial skepticism from directors or management",
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      "text": "\"Our energy marketing and retail marketing businesses remain a long-term strategic part of our portfolio that generate attractive returns...\" — John Hess, CEO, Hess Corp, 11/2/12; \"The Board believes that Arconic has the right strategy and is executing well on that strategy.\" — Pat Russo, Fmr Chair, Arconic, 4/17/17; \"I would say for the long term, I'd rather be invested in a company that has that type of a portfolio balance.\" — Gary Heminger, Fmr CEO/Chair, Marathon Petroleum 5/8/19; \"[H]aving that small cell business, we believe, is a differentiator and unique to our strategy and think that it should generate significant shareholder value\" — Dan Schlanger, Fmr CFO, Crown Castle, 6/6/23; \"A separation of the businesses, if it were to be pursued, may not be easy, w/ mgmt. highlighting shared digital infrastructure, investment grade credit rating and a very efficient tax rate as risk factors that must be considered.\" — Morgan Stanley, referencing Honeywell management meetings, 11/25/24",
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      "text": "(1) A definitive agreement has been entered into and announced but the transaction has not yet closed.",
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      "text": "ELLIOTT HAS HEARD ALL THIS BEFORE",
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