Elliott Takes A$1 Billion Stake in Gold Miner Northern Star—and the Board Faces Pressure

Activist investor Elliott Management has bought into Northern Star Resources as the miner's value has tumbled A$13 billion in two weeks. The timing matters: a cheaper share price weakens takeover defences while an activist shareholder on the register forces the board to focus on value. Northern Star must now move fast operationally or risk an outside bid.