Shareholder Elliott urges restructuring at AT&T

[September 09, 2019]  (Reuters) - AT&T Inc shareholder Elliott Management Corp on Monday called the wireless carrier "deeply undervalued" and urged it to restructure its business, including cutting costs in units, to increase shareholder value.

Elliott, which has an interest in AT&T together worth about $3.2 billion, said the company could achieve a value per share of more than $60 by the end of 2021 if it follows the shareholder's plan.

Shares of the company, which closed at $36.25 per share on Friday, were up 3.75% in premarket trading.

(Reporting by Vibhuti Sharma in Bengaluru; Editing by Shinjini Ganguli)

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