Elliott Statement on Positive Steps Announced by Texas Instruments

PRNewswire 23-Jul-2024 5:32 PM

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.