AZPN gains after activist investor Elliott disclosed stake

Investing.com -- Shares of Aspen Technology Inc (NASDAQ: AZPN) rose as much as 4% after activist investor Elliott Investment Management disclosed stake in the company.

Elliot has an investment of more than $1.5 billion in Aspen.

Elliot in an statement said, "As the largest minority investor in AspenTech, we disagree with the Company's decision to support a $265.00 per share tender offer by its majority stockholder, Emerson (NYSE: EMR), to buy the AspenTech shares it does not already own. Emerson's offer is highly opportunistic and substantially undervalues the Company. Elliott has no intention of tendering its shares at the current price."

You May Also Be Interested In

• Lagarde says moderate ECB policy response remains appropriate
• Deutsche Bank lowers PepsiCo rating as turnaround now more complicated
• DataMeds AI stock rises on health app launch