Elliott Management holds a significant stake in Public Savings

Elliott Public Storage Management has not been able to learn exactly what to do to raise its share price, which has stumbled after a decade of upward march over the past few years. Shares of the company have risen about 3% this year, compared to about 13% on the S&P 500.

Public Savings confirmed Sunday that Elliott Management had submitted the names of six candidates and discussed with the company after The Wall Street Journal reported on the talks. Public Storage also announced the retirement of three long-serving team members and named three new members.

Public Savings, identified by its bright orange logo, is the Glendale, California., Real estate investment foundation that specializes in creating, owning and operating self-storage units. Founded in 1972, it was one of the earliest large self-storage companies, but has come under pressure to compete with the options of additional space storage. Inc.

And Cubesmart heats up.

Over the past few weeks Elliott has submitted his recommendations to the public archive, before closing the four-week window on December 12th, people said. Elliott’s six recommendations include a minority in the 13-person group of public storage.

Elliott, with about $ 41 billion under management and one of the most feared activist hedge funds, has pulled out of proxy fights in recent years after cracking down on public conflicts with companies including Organic. Inc.

And AthenaHealth Inc. It has been running more and more activist campaigns behind the scenes, and in rare cases it chooses to nominate directors who tend to do so personally.

Write Kara Lombardo at [email protected]