A former senior Northern Star executive has been quietly supporting Elliott’s activist push, and that involvement is now more widely acknowledged in the market. The hedge fund has also contacted Develop Global, and it wants direct engagement with key industry players connected to Northern Star.
Inside Northern Star, attention is turning to whether the board should appoint an additional investment bank to advise alongside Goldman Sachs. Directors are weighing up the benefit of extra advisory capacity as they confront Elliott’s campaign and continue hunting for a new chief executive.
The board is also understood to be considering the possibility of a broader strategic review, which would add another layer of complexity to its decision making.
Advisers say the combination of a live activist attack, a leadership transition and potential strategic review creates an unusually demanding situation for Northern Star’s board. Extra banking firepower would give directors more options as they evaluate Elliott’s demands and assess any structural or portfolio changes.
