After more than four months of waging a public battle with activist investor Elliott Investment Management, low-cost pioneer Southwest Airlines. may

Elliott Investment Management and Southwest Airlines have begun discussing a potential settlement that would avoid a proxy fight for control of the airline's board, Bloomberg News reported on Saturday,

This could end a months-long struggle between the Dallas-based airline and the West Palm Beach-based hedge fund.

Elliott first disclosed a roughly $2 billion stake in Southwest in June. Since then, it has increasingly called for changes at the airline and blamed leadership for a stagnating share price. As of Oct. 18, Elliott reported having a "combined economic exposure" to 11% of Southwest's common stock.

Southwest Airlines and its activist investor Elliott Investment Management, which owns approximately ten percent of the airline, have begun discussing a potential settlement that will appease the investment firm by providing it with more representation on the airline’s board.

Activist investor Elliott Investment Management and Southwest Airlines are in talks to settle their months-long battle, according to reports Sunday, with a potential deal that would give Elliott representation on the budget airline’s board.

Elliott recently proposed a slate of eight new board directors and called for a December meeting of shareholders to vote on the new board. It was the latest escalation in the firm