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Texas Instruments Gets an Activist Investor. Free Cash Flow Is the Target.

Texas Instruments Gets an Activist Investor. Free Cash Flow Is the Target.

News that the activist investor Elliott Investment Management is pushing for a big boost to free cash flow at Texas Instruments sent the semiconductor stock higher on Tuesday. Elliott published a 13-page letter to Texas Instrument’s board on Tuesday, disclosing that it has a stake of more than $2.5 billion in the company. “TI’s shareholder returns have lagged peers consistently over a multi-year period, despite TI’s reputation as one of the best-managed semiconductor companies with strong growth prospects and competitive advantages,” Elliott wrote in the letter.