(Reuters) - Shares of NetApp Inc jumped 7 percent on Thursday after Bloomberg cited unidentified sources as saying activist investor Elliott Management has taken a “significant” stake in the company and intends to push for changes to the board and cash return strategy.
The data storage equipment maker’s stock was up at $38.75 in heavy mid-afternoon trading. Elliott has been in talks with the company for weeks over various proposals, including a new slate of directors, Bloomberg cited people familiar with the matter as saying.
Elliott now has a stake of under 5 percent, it said. The investment firm and NetApp did not respond to requests for a comment.
Editing by Bernard Orr