Activist investor Starboard Value boosted its stake in ACI Worldwide Inc to 9per cent, according to a regulatory filing made on Monday that helped push the payment systems company's stock up more than 3per cent in afterhours trading.
The New York-based hedge fund now owns 10.5 million shares in the Naples, Florida-headquartered company which is worth US$3.7 billion, the filing said.Starboard began building its stake during the first quarter of the year and owned 2 million shares or 1.77per cent at the end of the second quarter, earlier regulatory filings show.
In the filing, Starboard said the company's shares, which have lost 17per cent since the start of the year, were undervalued when the hedge fund bought them and may propose a variety of changes that could include board changes or a strategic review.Earlier this month, Starboard's CEO, Jeffrey Smith, announced positions in agricultural and chemical company Corteva and ON Semiconductor.
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