LONDON (Reuters) – Micro Focus shares surged on Thursday, with merchants citing a Bloomberg report that hedge fund Elliott Management has taken a stake within the UK software program agency.
The shares jumped as a lot as 12 % to their highest in a month earlier than swinging again, and have been final buying and selling up 6.6 %.
The report, citing unnamed sources, stated Elliott has constructed a place in Micro Focus and plans to push for modifications on the agency, with out detailing the dimensions of Elliott’s holding or the modifications in query.
Micro Focus shares have been pummelled by a gross sales warning and its CEO’s departure on March 19. The inventory has greater than halved in worth because the begin of the yr.
Its U.S.-listed shares have been briefly halted from buying and selling because of the spike, however then resumed.
A spokeswoman at Elliott Management declined to remark. Micro Focus was not instantly out there for remark.
Reporting by Helen Reid; Editing by Alasdair Pal/Keith Weir