EVG - Everbridge soars as activist Ancora pushes for sale of company

March, 17 2022 11:55 AM Eaton Vance Short Diversified Income Fund Duration Diversified Income Fund of Beneficial Interest

Update 11:55am: Updates shares, adds Everbridge response. Everbridge Inc. (NASDAQ:EVBG) jumped 9.8% after activist holder Ancora Holdings called for the public-warning technology company to sell itself. Ancora, which owns an approximate 4% stake in Everbridge (EVBG), believes the company may be worth $70 share in a takeout, representing about 90% upside, according to a letter to EVBG's board of directors. The activist sale push come as Everbridge (EVBG) shares have plunged in recent months, including a 45% decline on Dec. 10 following the surprise resignation of Chief Executive David Meredith. The shares have declined 68% since the day before that announcement through Wednesday's close. "We believe Everbridge is dramatically undervalued at current stock prices, and a sale to a well-capitalized acquirer could deliver more than $70 per share, or a more than 90% premium, for shareholders based on recent valuation multiples for both public and private company peers," according to the letter.

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Everbridge soars as activist Ancora pushes for sale of company

Company Name:	Eaton Vance Short Diversified Income Fund Duration Diversified Income Fund of Beneficial Interest
Stock Symbol:	EVG
Market:	NYSE

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