Activist investor Paul Singer’s Elliott Management on Monday disclosed a $3.2 billion stake in AT&T, and sent a letter to Chairman Randall Stephenson with a four-step plan to improve its share price and business.

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The New York-based hedge fund said it believes AT&T shares are worth $60 apiece – more than 65 percent above where they closed on Friday.

Ticker Security Last Change %Chg
T AT&T INC. 37.49 +1.25 +3.43%

“The purpose of today’s letter is to share our thoughts on how AT&T can improve its business and realize a historic increase in value for its shareholders,” the letter said. “Elliott believes that through readily achievable initiatives — increased strategic focus, improved operational efficiency, a formal capital allocation framework, and enhanced leadership and oversight — AT&T can achieve $60+ per share of value by the end of 2021.”

AT&T said in a statement to FOX Business that its management team and board of directors “maintain a regular and open dialogue with shareholders and will review Elliott Management’s perspectives in the context of the company’s business strategy.”

“AT&T’s Board and management team firmly believe that the focused and successful execution of our strategy is the best path forward to create long-term value for shareholders,” the company added.

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