Elliott Sends Value-Enhancement Plan Letter to Cognizant; Shares Remain Undervalued
On Nov. 28, Best Idea Cognizant received a 16-page letter from hedge fund Elliott Management outlining the hedge fund’s conviction in the value opportunity at the IT services firm. Elliott, which disclosed that it owns over 4% of the company, believes Cognizant can achieve a valuation of $80-$90 or more per share by the end of 2017 and outlined its value-enhancement plan with which to achieve this goal. The plan calls for a mixture of operational improvements, efficient allocation of capital, an...Cognizant Technology Solutions is a services company, transforming customers' business, operating and technology models for the digital era. The company's services include digital services and solutions, consulting, application development, systems integration, application testing, application maintenance, infrastructure services and business process services. Additionally, the company develops, licenses, implements and supports proprietary and third-party software products and platforms. The company has organized its services and solutions into four practice areas: Digital Business, Digital Operations, Digital Systems and Technology and Consulting.
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