Why Conduent Stock Jumped Today
Shares of Conduent (NYSE: CNDT) were trading about 25% higher as of 1:30 p.m. EDT Monday, after activist investment firm Trillium Capital released an open letter to the board of directors. In the missive, Trillium outlined ways it believes the business process services company can maximize shareholder value.
Trillium holds over 2.5 million shares of Conduent, and it's frustrated since, though the stock has lost nearly 70% of its value of the past year, its board has thus far been unwilling to respond to Trillium's overtures. The firm argues that Conduent can unlock $3.9 billion of incremental enterprise value if it follows Trillium's suggestions, compared to its current enterprise value of $1.9 billion.
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Source Fool.com
