February 28, 2017 / 4:35 PM / 5 months ago

Alliance Trust investors approve buying back activist investor Elliott's shares

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LONDON, Feb 28 (Reuters) - Shareholders in Alliance Trust voted on Tuesday to buy back shares in the firm that are currently held by U.S. activist hedge fund Elliott Management.

Paul Singer's Elliott was engaged in a five-year fight to force Alliance, one of Britain's oldest investment managers, into a series of improvements, including overhauling its board.

Alliance said in January that it planned to buy back Elliott's 19.75 pct stake, marking an end to an at times bitter campaign by the activist.

Over 83 percent of shareholders voted in favour of Alliance buying back Elliott's shares in five tranches at discount of 4.75 percent to net asset value. (Reporting by Maiya Keidan; Editing by Rachel Armstrong)

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