Experts say, this would give heir apparent Lee Jae-yong room to further strengthen his grip within the group, which includes Samsung Electronics and insurance company Samsung Life.
Lee Myung-jin, head of Samsung's investor relations team, said the company could list shares of an operating company on a US stock exchange, but he was uncertain about the idea.
Despite the announcement, Samsung offered little detail on the potential restructuring and said it was "absolutely neutral" about whether to proceed.
A review of the structural changes will take at least six months, Samsung said, adding that its board and management had not yet decided in favour of the new structure.
Shares of Samsung Electronics remained flat at 1,677,000 won, while shares of Samsung C&T dipped 8.63 percent to close at 127,000 won.
Samsung did not directly address Elliott's proposals on Tuesday, but the firm promised to respond by the end of November.
Some analysts said uncertainty over the restructuring plan and less-than-expected dividend payouts kept investors on the sidelines.
Samsung has announced that it will allocate 50 percent of its free cash flow for 2016 and 2017 to its shareholders.
"I don't think Samsung said much that was surprising or beyond what investors had already had in mind", said HDC Asset Management fund manager Park Jung-hoon. A year ago the hedge fund tried to block Cheil Industries, a holding company for the Lee family which largely controls Samsung, from buying Samsung's building subsidiary for $9.3 billion.
If Elliott's proposal is accepted by the board, it will see Samsung divided under two separate holding companies with one focusing on ownership and the other on operations. Lee Kun hee is presently in hospital from the month of May 2014 due to heart attack. Both options were part of Elliott's unprecedented calls for change at the family-run group, made public in October, that have since won support from several worldwide investors.
Samsung said it would also increase returns to shareholders by one third and accelerate its share buy-back program.
Elliot also wants Samsung to pay out 30 trillion won (£21bn) in a special dividend to shareholders.
According to investors, Samsung shares are trading at deep valuation discounts, compared to its peers on a global scale.