April 2, 2018 / 1:16 PM / 2 years ago

Elliott discloses 10.3 pct stake in Commvault, nominates 4 directors

April 2 (Reuters) - Hedge fund Elliott Management Corp on Monday disclosed a 10.3 percent stake in Commvault Systems Inc and nominated four directors to the company’s board, sending the software developer’s shares up 9 percent in premarket trading.

Elliott, whose stake purchase would make it one of the largest shareholders in Commvault, urged the company to start an operational review and return capital to investors.

“We are optimistic that we can work together with the Board to reach a collaborative agreement that will be in the best interests of the Company and its shareholders,” Elliott wrote in a letter to the company’s board. (Reporting by Supantha Mukherjee in Bengaluru; Editing by Arun Koyyur)

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