Activist investor Barington Capital Group has built a position in Bill Holdings worth roughly $25m and is urging the business payments firm to explore strategic alternatives, including a potential sale, according to a report by Bloomberg.
In a letter reviewed by Bloomberg, Barington Chief Executive James Mitarotonda said the company would be an “extremely attractive” acquisition target for both strategic and financial buyers. He called on the board to appoint a financial adviser and form a special committee to assess options including a sale or merger.
Bill, which has a market capitalisation of around $5.2bn, has reportedly already been exploring a potential sale with an adviser. Shares are up 11% since then and rose as much as 6.3% in premarket trading on Thursday.
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