Electric component maker Atkore is considering options including a potential sale after it came under activist investor pressure, Bloomberg News reported on Wednesday, citing people familiar with the matter.
Atkore’s shares rose more than 2% following the news, bringing its market value to about $2.19 billion.
The company did not immediately respond to Reuters’ request for comment.
Bloomberg News reported, in September that Irenic Capital Management, an activist investor holding a 2.5% stake in Atkore, was urging the board to explore a potential sale.
Atkore had also said in September it was exploring the potential sale, of its high-density polyethylene pipe and conduit business, which serves the telecommunications market and several other non-electrical infrastructure-focused assets.
In August, Atkore missed its third-quarter revenue estimates, according to data compiled by LSEG.
The company’s core electrical infrastructure portfolio includes product lines and businesses from both its electrical and its safety and infrastructure segments.
Atkore’s shares are down nearly 20% this year.
Source: Reuters.com