On July 3, 2024, Southwest Airlines Co announced that it has adopted a poison pill following Elliott Investment Management taking a significant stake in the company, the shareholder rights plan is effective immediately and expires in a year and shareholders would need to give prior approval for an extension. The Company stated that considering the potential for Elliott to significantly increase its position in the Company, the board determined that adopting the rights plan is prudent to fulfill its fiduciary duties to all shareholders, and it has made a good faith effort to engage constructively with Elliott Investment Management since its initial investment and remains open to any ideas for lasting value creation. Further, the Company stated that it has said that it remains confident in Jordan and its management and their ability to drive long-term value for shareholders, Jordan has said that he won't resign and that in September his leadership team will present a plan to boost the Company's financial performance.
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