Elliott Builds Norwegian Cruise Stake, Cites Katy Perry Spending

Activist investor Elliott Investment Management has built a stake of more than 10% in Norwegian Cruise Line Holdings Ltd., citing concerns about management and spending on events including a Katy Perry concert.

The activist investor said the company’s outlays have failed to create shareholder value and outlined a path for the shares to reach $56. Norwegian rose 12% to $24.10 in New York trading Tuesday for its biggest one-day gain since April, giving the Miami-based company a market value of almost $11 billion.

Elliott said in a statementthat the board’s succession decisions have weighed on shareholder value and ...