Activist investor Elliott takes close to 5% stake in Japan's Dai Nippon Printing

Activist investor Elliott takes close to 5% stake in Japan's Dai Nippon Printing

Paul Singer, founder and president of Elliott Management Corporation. REUTERS/Steve Marcus

Activist investor Elliott Management Corp has built a stake in Japanese conglomerate Dai Nippon Printing Co Ltd, a source familiar with the matter told Reuters on Tuesday.

The Financial Times (FT) newspaper, which first reported the news, said Elliott now holds a stake little below 5% worth $300 million, making it the conglomerate’s third-largest external shareholder.

Elliott declined to comment. DNP, which confirmed Elliott’s investment to FT, said no one was immediately available for comment when contacted by Reuters.

Elliott has invested in several technology-focused companies, including a multi-billion dollar investment in software firm Salesforce on Monday.

It also recently won a board seat at Pinterest Inc  when the company added Elliott portfolio manager Marc Steinberg as a director.

Reuters

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