Elliott builds large stake in CCC Intelligent Solutions

Corporate Action

โดย Seeking Alpha·Read original

Summary · why it matters

Activist investor Elliott Investment Management has accumulated a large ownership stake in CCC Intelligent Solutions Holdings, a provider of software and AI-powered workflow tools that has been exploring a sale, Bloomberg reported. The hedge fund’s interactions with the company are being led by its private equity division, according to people familiar with the matter. Elliott bought the stake before CCC decided to hire Morgan Stanley to advise on a potential sale, the people said, adding that deliberations are still in an early stage and there is no guarantee they will lead to a sale. It is not immediately clear how large Elliott’s stake is. Shares of CCC closed more than 10% higher on Friday after Reuters reported that the company has hired Morgan Stanley to advise in an attempt to sell itself.