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[CNBC] HPE shares pop after activist Elliott Management takes $1.5 billion stake
- Elliott Investment Management took a more than $1.5 billion stake in Hewlett Packard Enterprise.
- The activist investor hopes to engage the company in discussions on how to improve shareholder value, a source told CNBC.
- HPE's stock has lost more than a fourth of its value this year.
Shares of Hewlett Packard Enterprise rose 4% after Elliott Investment Management built a more than $1.5 billion stake in the server maker, a person familiar with the matter told CNBC.
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WATCH HEREThe activist investor hopes to engage the company in discussions on how to improve shareholder value, the source said.
Elliott and HPE declined to comment on the news.
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Shares of the data center equipment maker have lost more than a fourth of its value this year. Last month, the company topped quarterly revenue expectations but issued weak fiscal full-year guidance. HPE said it was grappling with higher discounting and expected price adjustments to weigh on its top-line growth.
Elliott has a long history in pushing for changes at some of the world's largest companies, including Salesforce, Southwest Airlines and Starbucks.
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Most recently, the investment management firm took a $1.5 billion stake in industrial software maker Aspen Technology, and said it opposed a deal that would allow Emerson Electric to buy remaining shares of the company in a $7.2 billion deal. In March, the firm named nominees to join the board of oil company Phillips 66, where it has amassed a $2.5 billion stake.
HPE is currently attempting to buy Juniper Networks for $14 billion, but the U.S. Department of Justice sued to block the deal earlier this year.
Bloomberg first reported the news.
Correction: This story has been updated to reflect that Elliott took a $1.5 billion stake in HPE. A previous version of the story misstated the amount.
