PLAN - Anaplan gains after activists announce plans to nominate directors

Anaplan Inc. (NYSE:PLAN) rose 6% after activists Sachem Head and Corvex disclosed stakes in the company and said they plan to nominate directors. Corvex Management owns 3.9 million shares, or a 2.7% stake, while Sachem Head owns 7.3 millions shares, or a 4.95% stake, according to 13D filings from late Thursday. The disclosure comes after Reuters reported last month that activist Sachem Head had taken a stake in the business planning software company. Sachem Head plans to nominate Richard M. Haddrill, Roger S. Siboni and Andrew J. Stafman, while Corvex will nominate its own managing member Keith Meister to the board. Gordon Haskett's Don Bilson noted in a Feb. 15 note that UBS and Morgan Stanley were large buyers of Anaplan in Q4 according to their 13-F filings, which have been a sign that an activist was taking a position in the company. Sachem Head has been active on the activist front in recent

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Anaplan gains after activists announce plans to nominate directors