Activist Investor: Bn Dividend and Investors Baulked

activist investor: Paul Singer's outfit may have pushed too hard when it came to the size of the Won7tn 4.7bn dividend it wanted, according to The Independent. Hyundai has vast reserves of cash, but its profits have been in decline and the global outlook is cloudy for the motor industry. Its investors rejected a demand for the appointment of several new directors and a huge special dividend, tabled by the activist investor, Elliott Advisers, which has become a major thorn in the side of the South Korean conglomerate. Given the latter, it's perhaps understandable that investors baulked and opted for the company's offer, even though it is worth less than a sixth of what Elliott was proposing. They have been facing criticism on a number of fronts, including the charge of taking minority investors for granted. It was on far firmer ground with its demand for a shake up in the boardroom to foster improved governance and greater accountability at the firm, one of the country's famed family controlled Chaebol that have long dominated the South Asian nation's vibrant economy. (news.financializer.com). As reported in the news.