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AT&T three-year plan supported by Elliott Management, heading off possible activist campaign

( October 28, 2019, 17:38 GMT | Official Statement) -- MLex Summary: Activist shareholder Elliott Management has stated support for AT&T's three-year strategic plan announced today, according to a statement. The fund, which disclosed a 1 percent stake in AT&T five weeks ago and called for changes at the company, stated, “we have closely evaluated the company’s three-year plan and support the steps toward a faster-growing, more profitable, focused and shareholder-friendly company." AT&T's plan includes spending 50 to 70 percent of free cash flow after dividend payments on share buybacks and the separation of the chairman and chief executive officer roles upon retirement of the company's current CEO.Full statement follows....

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