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Ted Miller, who played a pivotal role in the establishment of Crown Castle in 1994, along with his investment vehicle Boots Capital, presented their case to investors on Tuesday. They urged Crown Castle to divest its fiber business and enhance operational efficiency.
Miller’s slate of four directors, including himself and his son-in-law, received a swift rejection from Crown Castle, with the company stating that the Boots Capital nominees lacked relevant expertise and experience.
Despite the rejection, Miller publicly criticized Elliott’s approach, questioning its expertise, vision, and urgency. He had previously attempted to raise funds for an activist fight at Crown Castle and engaged in discussions with the company since at least August.
Much of Miller’s plan mirrors Elliott’s recent campaign and an earlier effort in 2020. Both instances highlighted the need for governance changes and operational improvements, which Crown Castle eventually addressed.
In response to Elliott’s rejection of their entreaties, Miller is now challenging the activist’s influence and shedding light on its reduced investment exposure in Crown Castle.
Elliott, however, maintains its significant economic interest in the company, disputing claims of a substantial reduction in its investment exposure. It remains one of the largest investors in Crown Castle, trailing only behind three index fund shareholders.
Following Crown Castle’s cooperation agreement with Elliott in December, which added two directors from Elliott to its board, Miller’s proposal to divest the fiber business was dismissed by the company’s board.
Despite the setback, Miller remains resolute in his efforts to bring about change at Crown Castle, aiming to challenge the status quo and drive the company towards enhanced shareholder value.