- Envestnet ( NYSE: ENV ) rose 3.2% as investor Impactive Capital announced it nominated four directors for the fintech company's board.
- "Given the disappointing returns, margin underperformance, and questionable governance over which the current Board has presided, we have concluded that change is required for all directors up for election at this year's annual meeting," Impactive co-founder and managing partner Lauren Taylor Wolfe, said in a statement.
- Impactive, together with its affiliates, owns a ~7.5% stake in Envestnet ( ENV ). The investor is nominating Wendy Lane, Thomas Naratil, Michael Stanton and Taylor Wolfe to the Envestnet ( EVT ) board.
- The proxy fight comes after Envestnet ( ENV ) stock fell 22% last year and potential buyers reportedly dropping out of bidding for the company. Bloomberg reported in February that the company was exploring its options after receiving takeover interest.
- Envestnet ( ENV ) short interest is 7.4%.
- A Jefferies analyst in April said Envestnet ( ENV ) may be worth $90-$95/share in a potential sale.
For further details see:
Envestnet gains amid proxy fight with investor Impactive Capital