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Elliott said to have built big stake in Match Group, shares surge
(Sharecast News) - Match Group shares surged in pre-market trade on Tuesday following a Wall Street Journal report that Elliott Investment Management has taken a significant stake in the online dating company. In a report late on Monday, the WSJ said activist investor Elliott intends to push for changes to boost its stock.
The WSJ cited sources familiar with the matter as saying that Elliott has built a stake of around $1bn in Match. It said Elliott wants the company to take steps to improve performance, although no details were given.
A Match spokesperson told the WSJ: "Our team regularly engages with investors, and will continue to work to create great experiences for our users and value for our shareholders."
Match owns online dating sites such as Match.com, Tinder and Hinge.
At 1400 GMT, the shares were up 12.3% in pre-market trade at $42.55.
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