By Svea Herbst-Bayliss
NEW YORK (Reuters) -Elliott Investment Management has built a large stake in BILL Holdings and may want the financial automation software company to pursue a sale, a person familiar with the matter said on Tuesday.
Elliott owns a roughly 5% stake in the company making it one of BILL Holding’s largest investors, said the source who is not permitted to discuss the investment publicly. It is also the second activist to have taken a big position in the stock.
The Financial Times first reported Elliott’s stake.
Last week Reuters reported that Starboard Value has amassed an 8.5% stake and plans to run a boardroom challenge, having nominated four directors, including firm partner Peter Feld.
Elliott’s exact plans for BILL Holdings could not be determined. The firm declined to comment and BILL Holdings could not be immediately reached for comment.
(Reporting by Svea Herbst-Bayliss, Editing by Franklin Paul)
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