U.S. stocks edge higher after weekly jobless claims; Salesforce gains
Investing.com -- Bill Holdings Inc. (NYSE:BILL) stock rose 2.2% Thursday after Bloomberg reported that activist investor Barington Capital Group has taken a stake in the business payments firm and is urging its board to explore a sale.
Barington has built a roughly $25 million position in Bill Holdings and joins other activist investors Elliott Investment Management and Starboard Value LP who already have stakes in the company. The hedge fund is now engaging with the company, according to people familiar with the matter.
"Based on our research, it is our belief that the company would be an extremely attractive acquisition candidate for both strategic and financial buyers," Barington Chief Executive Officer James Mitarotonda wrote in a letter to Bill’s board that was reviewed by Bloomberg News.
In the letter, Mitarotonda called on the board to "engage a financial adviser and form a special committee of independent directors to explore strategic alternatives for the company, including a potential sale, merger or other business combination."
The news comes as Bill Holdings faces increasing pressure from activist investors to consider strategic options that could potentially unlock shareholder value.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.