Elliott Takes Stake In Travelport Worldwide; Stock Up

(RTTNews) - Elliott Management Corp. has taken a stake in Travelport Worldwide Ltd. (TVPT) and is urging the travel technology company to launch a strategic review, including exploring a sale.

TVPT is currently trading at $16.23, up $1.88 or 13.10%.

The New York-based hedge fund believes that Travelport's stock is undervalued and that several private equity firms might be interested in acquiring it, according to Bloomberg. Elliott, which has its own private equity arm, may itself be interested in purchasing the company, the report said.

Elliott owns an 11.8 percent stake in Travelport in stocks and options, according to a regulatory filing. The investor plans to hold discussions with the company about potential changes, including its strategic direction as well as management and board composition.