Southwest has rejected Elliott's efforts, recently adopting a so-called "poison pill" defense to deter the firm ... to Its Fellow Southwest Shareholders." Southwest Airlines. "Southwest Airlines Adopts Limited-Duration Shareholder Rights Plan."

Elliott Investment Management has increased its equity stake in Southwest Airlines Co. to 9.7%, nearing the amount needed to call a special shareholder meeting at which the activist hopes to replace most of the carrier's board.

The private equity firm pushing to restructure Southwest Airlines is taking its message directly to shareholders, threatening to orchestrate a hostile takeover should the airline's board fail to embrace significant change.

A hedge fund that's been urging Southwest Airlines to dump its CEO and chairman says it has acquired enough of the company's stock to call a special meeting of shareholders.

Elliott Investment Management has increased its equity stake in Southwest Airlines Co. to 9.7%, nearing the amount needed to call a special shareholder meeting at which the activist hopes to replace most of the carrier’s board.

Elliott now holds enough stock to call a special shareholder meeting ahead of a Sept. 9 sit-down with management.