CCI - Crown Castle Comments on Self-Serving Unfounded Litigation Brought by Ted Miller | Benzinga
HOUSTON, March 05, 2024 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE:CCI) ("Crown Castle" or the "Company") today commented on the self-serving litigation brought by Ted Miller and Boots Capital Management.
The lawsuit brought by Mr. Miller is without merit and underscores that his activism campaign against Crown Castle is focused on his own self interests. These interests include, among other things, the appointment to the Board of himself and three of his handpicked nominees (including his son-in-law), and getting himself installed as a paid executive of the Company (with the title of executive chairman) after spending more than 22 years away. After previously calling for the Board to act with urgency, Mr. Miller is seeking as part of his litigation a Court order to, among other things, impede progress on the Company's ongoing CEO search and the strategic and operating review of its fiber business.
In addition to advancing a self-serving agenda, impeding value-creation work that Mr. Miller claims to support, and being premised on a host of misleading assertions and outright inaccuracies, Mr. Miller's litigation seeks inappropriately to weaponize the Delaware Court of Chancery's (the "Court") recent decision in West Palm Beach Firefighters' Pension Fund v. Moelis & Co. in an attempt to gain an advantage in his proxy fight against the Company.
The facts are these: with the advice of counsel, Crown Castle entered in a market-standard cooperation agreement with Elliott on December 19, 2023. Subsequently, on February 23, 2024, the Court issued a decision in Moelis. On March 4, 2024, Crown Castle announced that the Company and Elliott had agreed to amend certain provisions of the Cooperation Agreement to:
- Clarify that the Board retains the power at any time to change its recommendation regarding any director nominees, consistent with its fiduciary duties;
- Eliminate limitations on the sizes of the Board, the Fiber Review Committee and the CEO Search Committee; and
- Provide that Elliott's shares will vote pro rata with the votes of other stockholders instead of requiring Elliott to vote its shares in favor of the Board's recommendations.
Contrary to Mr. Miller's misleading allegations and distinct from Moelis, Elliott did not ...