Elliott Investment Management has taken a major stake in on-line courting firm Match Group Inc., and plans to push for modifications to spice up its inventory, the Wall Street Journal reported Monday evening.
According to the report, which cited sources acquainted with the matter, the activist investor has constructed a roughly $1 billion stake in Match. The Journal stated Elliott desires Match to take steps to enhance efficiency, although no particular particulars had been reported.
According to FactSet knowledge, Elliott had no vital stake in Match as of Sept. 30, and a billion-dollar stake would possible make it one among Match’s prime two shareholders.
“Our team regularly engages with investors, and will continue to work to create great experiences for our users and value for our shareholders,” a Match Group spokesperson stated Monday evening. Elliott didn’t instantly reply for remark.
After booming through the top of the pandemic, Match Group has seen its progress sluggish sharply, and its paying clients have declined. Match inventory
MTCH,
is down about 13% over the previous 12 months, in comparison with the S&P 500’s
SPX
22% achieve.
Match Group owns on-line courting websites resembling Match.com, Tinder, Hinge and OKCupid.
In October, Match Group reported flat quarterly income and issued a disappointing income forecast.
Source web site: www.marketwatch.com