Activist Elliott takes $2.5 billion stake in Texas Instruments, urges company to improve free cash flow

Elliott, the $65 billion hedge fund best known for its shareholder activism, has made a$2.5 billion investment in Texas Instruments and is urging the company to improve its free cash flow by adapting a less rigid plan for capital expenditures.In a 13 page letter viewed by CNBC, Elliott proposes that Texas Instruments introduce what it calls a "dynamic capacity-management strategy" that would allow the company to achieve free cash flow of as much as $9 a share by 2026, which is roughly 40% above current con ...