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.

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.

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.

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.