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E2open (NYSE:ETWO) jumped 8.4% after the supply-chain software company started a strategic review.
“We remain highly confident in our ability to execute this growth plan and in e2open’s potential as a stand-alone company,” Andrew Appel, e2open’s CEO, said in a statement on Thursday. “As responsible stewards for our stakeholders, we are undertaking this strategic review to explore a full range of options to further accelerate growth and value creation.
The company also reaffirmed its most recent FY24 financial guidance.
The strategic review comes after e2open (ETWO) named Andrew Appel as its new CEO last month and after prominent activist investor Elliott Investment disclosed a big stake in October and said it was looking at its options, including a takeover offer.
The Elliott stake diclosure came after e2open (ETWO) shares plunged 50% on Oct. 11 after the software company slashed its earnings forecast and announced that CEO Michael Farlekas would step down. The stock has pared much of that decline, though it is still down almost 8% since the day before the stock plunge.
Rothschild & Co. is acting as lead financial advisor to e2open. Citi is acting as financial advisor to e2open. Kirkland & Ellis is serving as legal counsel to e2open.
