Global Payments, Inc. (NYSE:GPN) are trading higher in Tuesday's extended sessions after the Financial Times reported that activist hedge fund Elliott Management acquired a significant position in the company.
The Details: Elliot's demands and size of the fund's stake could not be determined, according to the Financial Times.
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News of the stake comes as Global Payments seeks to regain investor confidence following its $24.2 billion purchase of Worldpay earlier this year. Global Payments shares hit their lowest point in a decade following the purchase.
Elliot Management, with $72.7 billion in assets under management, is one of Wall Street's most prominent activist hedge funds and has recently taken high-profile positions in companies such as BP and Hewlett Packard Enterprise.
GPN Price Action: Shares of Global Payments were up 5.66% at $82 in Tuesday's extended trading, according to data from Benzinga Pro.
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