By Morton Pierce and Michelle Rutta (May 13, 2019, 3:40 PM EDT) -- It is now common for activist investors to take positions in public companies, seek board representation and demand change to increase share value, often through a sale of the company. Consequently, there was nothing unusual when Elliott, a noted activist investor, accumulated a 10.5% stake in Arconic at the beginning of 2017 and urged fundamental changes. The board's response to Elliott over the next two years, however, evolved from the typical response to one of much more board involvement which may become the norm as activist and institutional shareholders focus increased attention on directors....