CEO of Starbucks Howard Schultz back stage with soon to be Starbucks CEO Laxman Narasimhan at Starbucks Headquarters during Investor Day in Seattle, Washington Tuesday September 13, 2022. Looming over the negotiations is Starbucks' former CEO Howard Schultz, who stepped off the board last year but remains one of the company's top shareholders and is forever entitled to attend Starbucks board meetings unless barred by Starbucks' directors. Schultz has privately expressed to some directors his opposition to Elliott's settlement offer, The Financial Times reported earlier. A Starbucks spokesperson declined to comment on whether Schultz, who has a close relationship with Hobson and other Starbucks directors, had attended board meetings where Elliott's settlement offer was discussed. Schultz hasn't said why he opposes Elliott's offer, and his representatives didn't return multiple requests for comment.

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Persons: Starbucks Howard Schultz, Laxman Narasimhan, Elliott, Mellody Hobson, hasn't, Howard Schultz, Schultz, Hobson, Narasimhan, Schultz hasn't Organizations: Starbucks, Starbucks Headquarters, Investor, Elliott Management, Financial Times, CNBC Locations: Seattle , Washington, China