TWODY - Taylor Wimpey gains after report of activist Elliott Management stake

Taylor Wimpey plc (OTCPK:TWODY) rose 4.2% after a report that activist investor Elliott Management took a stake in the homebuilder. Elliott is said to being calling on the company to change its management and wants at least two new independent directors added to its board, according to a Bloomberg report, which cited a letter sent to Taylor Wimpey's board. The activist is one of the company's top five shareholders. The report comes after the company announced earlier this week that  Pete Redfern would step down as chief executive officer. See SA contributor Retirement Pot's piece from late July entitled "Taylor Wimpey: Brightening Outlook For U.K. Housebuilder."

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Taylor Wimpey gains after report of activist Elliott Management stake