(Reuters) – Charles River Laboratories said on Wednesday it had reached an agreement with activist investor Elliott Investment Management and added four new directors to its board.
Charles River’s shares were up 16% at $134 before the bell.
The contract research firm said it will initiate a comprehensive review of its business, including an examination of various other alternatives to enhance long-term stockholder value.
Elliott’s Global Head of Engagement Steven Barg will join the company’s board along with three other independent directors, following the annual shareholders meeting scheduled to be held on May 20.
Reuters had reported the settlement earlier on Wednesday.
(Reporting by Siddhi Mahatole and Sriparna Roy in Bengaluru; Editing by Shreya Biswas)
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