Elliott is said to take stake in software firm Micro Focus

Elliott Management Corp., the New York hedge fund run by billionaire Paul Singer, has built a position in Micro Focus and plans to push for changes at the UK software company, according to people familiar with the matter. The size of Elliott’s holding and the changes it would be seeking aren’t clear, the people said, declining to be identified as the issue is confidential. Representatives for Elliott and Micro Focus declined to comment. Shares rose as much as 19% on 12^th April. Micro Focus’s stock fell the most in 13 years last month after the Newbury, England-based company warned that its year-over-year revenue decline would be greater than expected and said its Chief Executive Officer Chris Hsu had stepped down. The sales warning stemmed from complications integrating the acquisition of about $8.8 billion of software assets from Hewlett Packard Enterprise Co., the company said. Micro Focus said it expected the hit to be mostly a one-time effect from the combination of the businesses rather than any underlying issues. That news followed a January revenue warning. [Bloomberg] To read more about Micro Focus’ share price crash, and what the company’s competitors had to say, click here.