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  "documentTitle": "Arconic Inc. (ARNC)",
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  "presentationDate": "2017-04-11 00:00:00",
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      "text": "The reaction to Elliott's call for change has been astounding",
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      "text": "Collection of 9 quotes from First Pacific Advisors, Orbis, Lion Point, Sarat Sethi, Morgan Stanley, Wolfe Research, Reuters, Glass Door, and Pittsburgh Tribune.",
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      "text": "35% price change since Elliott's launch of a proxy contest",
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      "text": "\"We, therefore, encourage you to support the changes sought by our fellow shareholders at Elliott Management. We intend to support Elliott's proposed proxy slate because it serves the long-term interests of the Company and its owners.\" — First Pacific Advisors, February 6, 2017; \"Independent members of this board, who own less than 0.1% of outstanding shares, continue to disregard the overwhelming publicly expressed desire for leadership change from the company's largest long-term owners, including Orbis.\" — Adam Karr, Orbis Investment Management, March 3, 2017; \"Lion Point believes that Elliott's plan for value creation can reverse the past and set new Arconic on a better path to creating shareholder value.\" — Lion Point Capital, February 16, 2017; \"It's a CEO problem—there has been no value created.\" — Sarat Sethi, Douglas Lane & Associates, February 30, 2017; \"We also acknowledge activism could create an opportunity to highlight value that is even higher at $40 (and in the range of the activist target) to account for significant margin expansion from current levels, premised on a market P/E of 17x and earnings of $2.37.\" — Morgan Stanley, February 1, 2017; \"In our view, a new CEO is an important positive catalyst to more expeditiously improve the company's operations and increase its margins while rationalizing capital expenditures / M&A opportunities.\" — Wolfe Research, February 6, 2017; \"Elliott has a good case. Investor returns under Chief Executive Klaus Kleinfeld, who took over at Alcoa in 2008 and now runs Arconic, have been poor. Investors have seen their stock lose well over half its value under Kleinfeld.\" — Reuters, February 1, 2017; \"Saving Klaus from Paul Singer is top priority for its management. Drain the swamp. Let Elliott Management's recommendations prevail. Too many good people are getting hurt throughout this Company.\" — Glass Door, March 17, 2017; \"If I were an Arconic shareholder, I would be voting the \"blue card\" to bring the dissidents to power.\" — Pittsburgh Tribune, March 13, 2017",
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      "text": "Overwhelming Support for Change",
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