Elliott Investment Management has built a large stake in BILL Holdings, making it the second activist investor to target the financial automation software company. A person familiar with the matter indicated that Elliott may advocate for a sale of the company.
This development follows closely after activist investor Starboard Value disclosed an 8% stake and announced plans for a boardroom challenge. The presence of two prominent activist funds signals increased pressure on BILL's management and board to consider strategic alternatives.
Elliott Management's involvement, particularly with a potential push for a sale, introduces a new dynamic to BILL's corporate trajectory. This could lead to significant changes in the company's ownership structure or strategic direction, aiming to unlock shareholder value.
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