Elliott Takes Large Stake in Cardinal Health, Dow Jones Says (1)

Elliott Management Corp., the activist investor firm, has taken a large position in drug distributor Cardinal Health Inc. and is seeking seats on the company’s board, Dow Jones reported, citing people familiar with the matter.

The investment firm nominated five directors to Cardinal’s 11-person board roughly two weeks ago, before Cardinal announced that Chief Executive Officer Mike Kaufmann would step down, Dow Jones said, citing the people familiar with the matter. Cardinal said last week that Kaufmann would be replaced as of Sept. 1 by Chief Financial Officer Jason Hollar.

Elliott’s intentions in making the investment couldn’t be ...