Elliott respond to Blue Skye: "They are trying to extract a value to which they're not entitled to"

Elliott respond to Blue Skye: “They are trying to extract a value to which they’re not entitled to”

Elliott fund issued a reply when asked about the attempt of Blue Skye to block the sale of AC Milan to RedBird.

Here are the words:

"Following the announcement of the sale of AC Milan to RedBird, BlueSkye has initiated a series of frivolous and harassing litigation in Luxembourg and now in New York, which Elliott and co-investor Arena Investors see as nothing more than an attempt to extract a value to which BlueSkye is not entitled . BlueSkye owns nothing but a small indirect stake in AC Milan, the vast majority of which is made up of capital controlled and paid up by Arena Investors , which in turn strongly and publicly condemns the shares of BlueSkye."

"The operation with RedBird fully respects this interest, all the necessary corporate approvals have been obtained at every stage of the transaction and BlueSkye will receive all the sums to which it is entitled. Elliott and Arena Investors will obviously vigorously defend all their interests against the frivolous and vexatious actions of BlueSkye, and fully expect to have the upper hand."