Why Cornerstone OnDemand Shares Soared Today
Shares of Cornerstone OnDemand (NASDAQ: CSOD) soared on Thursday, closing out the day with gains of 15%, after news broke that the company has reportedly hired financial advisors for a "strategic review." That's a euphemism for the company trying to sell itself.
Bloomberg first broke the news, citing an anonymous source. Cornerstone has reportedly tapped Centerview Partners and Goldman Sachs to explore possible bids from suitors while trying to appease activist investor Praesidium Investment Management, which disclosed a 6% stake (3.3 million shares) back in February 2016. Reuters corroborated the rumor.
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Source: Fool.com
