Elliott Sends Letter to Citrix Board of Directors

Elliot Management Corp. published an open letter to the Board of Directors of Citrix, saying it believes the company can achieve a notable increase in shareholder value by implementing a new management plan and undertaking structural reforms.

Elliot currently holds 7.1% of Citrix Systems' stock.

Specifically, Elliot said it believes that Citrix can achieve a stock price of $90 ~ $100+ per share by the end of 2016, which represents a rise of 50%, by improving its operational performance given that it great products in strong markets. One area of concern for Elliot is the company's cost structure, which has grown faster than revenues.

Elliot, which also criticized Citrix's product portfolio as too broad, is presenting a new operating plan for the company.

http://www.elliottmgmt.com