Ted Miller, co-founder of Crown Castle Inc., has lodged a complaint in the Delaware Court of Chancery. The complaint aims to nullify the cooperation agreement between Crown Castle and Elliot Investment Management on the grounds that it infringes upon the interests of shareholders.
Unveiled in December 2023, the agreement introduced two new directors from Elliot to the board of Crown Castle. The contentious part of this agreement is that it does not require Elliot to maintain an equity ownership stake in Crown Castle.
Miller criticised the board of Crown Castle for their decision to join this potentially unlawful cooperation agreement just before the company's nomination window. He labeled this move as just the latest example of the board's poor governance, lack of accountability, disdain towards its shareholders, and propensity for defective decision-making. These characteristics, he argues, have led to the obliteration of tens of billions of dollars in shareholder value.
Meanwhile, the stock of Crown Castle is on an upward trend, rising by 2.36 percent to reach $108.16 on the New York Stock Exchange.
