Elliott Statement on Positive Steps Announced by Texas Instruments

Rhea-AI Summary

Elliott Investment Management has released a statement commending Texas Instruments (NASDAQ: TXN) for its positive shareholder engagement and capital allocation initiatives announced by CEO Haviv Ilan. The investment firm expressed support for TXN's strategy to build the world's largest footprint of geopolitically dependable, 300-mm analog semiconductor capacity.

Elliott is looking forward to TXN's special Capital Management event in August, where the company will detail its fab strategy and introduce a new framework for revenue and free cash flow scenarios. The statement highlights the constructive dialogue established between Elliott and Texas Instruments, emphasizing that the announced steps will support long-term value creation for all shareholders.

Positive

• Texas Instruments announced positive shareholder engagement and capital allocation initiatives
• TXN plans to build the world's largest footprint of geopolitically dependable, 300-mm analog semiconductor capacity
• The company will host a special Capital Management event in August to detail fab strategy and introduce new financial frameworks
• Elliott Investment Management supports TXN's strategy and believes it's compatible with robust free cash flow generation

Negative

• None.

WEST PALM BEACH, Fla., July 23, 2024 /PRNewswire/ -- Elliott Investment Management L.P. (together with its affiliates "Elliott") today released the following statement attributed to Managing Partner Jesse Cohn and Partner Jason Genrich regarding Texas Instruments (NASDAQ: TXN) (the "Company"):

We commend Texas Instruments on the positive shareholder engagement and capital allocation initiatives announced by CEO Haviv Ilan on today's earnings call. We are looking forward to the special Capital Management event in August, where the Company will detail its fab strategy and introduce a new framework for revenue and free cash flow scenarios. As detailed in our May 28 letter to the Board, we are supportive of Texas Instruments' strategy to build the world's largest footprint of geopolitically dependable, 300-mm analog semiconductor capacity, and we continue to believe that this strategy is compatible with robust free cash flow generation in the coming years. We appreciate the constructive dialogue that we have established with Texas Instruments, and we believe the steps announced today will support long-term value creation for all of its shareholders.

About Elliott

Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately $65.5 billion of assets as of December 31, 2023. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. 

Media Contact:
Casey Friedman                                             
Elliott Investment Management L.P.                                     
(212) 478-1780                                              
cFriedman@elliottmgmt.com

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SOURCE Elliott Investment Management L.P.

FAQ

What did Elliott Investment Management say about Texas Instruments (TXN) in their recent statement?

Elliott Investment Management commended Texas Instruments for its positive shareholder engagement and capital allocation initiatives, expressing support for TXN's strategy to build the world's largest footprint of geopolitically dependable, 300-mm analog semiconductor capacity.

What upcoming event did Texas Instruments (TXN) announce for August 2024?

Texas Instruments announced a special Capital Management event in August 2024, where the company will detail its fab strategy and introduce a new framework for revenue and free cash flow scenarios.

How does Elliott Investment Management view Texas Instruments' (TXN) strategy for semiconductor capacity?

Elliott Investment Management supports Texas Instruments' strategy to build the world's largest footprint of geopolitically dependable, 300-mm analog semiconductor capacity, believing it's compatible with robust free cash flow generation in the coming years.

What impact does Elliott Investment Management expect from Texas Instruments' (TXN) recent announcements?

Elliott Investment Management believes the steps announced by Texas Instruments will support long-term value creation for all of its shareholders.