Shares of Public Storage jump as activist Elliott Management pushes for change

Share
Paul Singer, founder of Elliott Management, speaking at Delivering Alpha in New York on Sept. 13, 2016.
David A. Grogan | CNBC

(This story is for CNBC Pro subscribers only).

Activist hedge fund Elliott Management is pushing for change at Public Storage, telling the company's board in a letter that recent changes were not enough and that more investment is needed to improve performance.

Public Storage disclosed on Sunday that it had been engaged in discussions with Elliott, with the hedge fund nominating six new director's for the company's board. The company announced three new directors on Sunday, but the hedge fund said in a letter Monday that more change was needed.

More In Follow the Pros

CNBC ProJim Chanos is no longer short Tesla, but he's still betting against the stock
CNBC ProArk Invest's Cathie Wood sees explosive earnings growth adding momentum to market in 2021
watch now
VIDEO15:21
CNBC ProHoward Marks of Oaktree Capital: See the full CNBC interview here