US cyber security firm Imperva Inc is planning to hire an investment bank in order to help it explore strategic options after coming under pressure from activist hedge fund Elliott Management, Reuters yesterday reported, citing people familiar with the matter.
Last month Elliott revealed that it holds a 9.8-per cent stake in Imperva and said that the company’s shares are undervalued.
In a securities filing Elliott said that it has started talks with Imperva because it feels that the company is materially undervalued and operates in a highly strategic area of the technology industry with an attractive competitive position and compelling product set.
Elliott also suggested that Imperva may be a target for a takeover, noting that there are both “strategic and operational opportunities” for the issuer that would meaningfully increase value to shareholders. For the full article click here
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