Fidelity National Information Services on Thursday said it will undertake a strategic review and add a new director to its board after pressure from hedge fund D.E. Shaw Group.
U.S. dollar banknote in front of stock graph is seen in this illustration taken, June 12, 2022. REUTERS/Dado Ruvic/Illustration/File Photoon Thursday said it will undertake a strategic review and add a new director to its board after pressure from hedge fund D.E. Shaw Group.
Shares in FIS climbed 3.5% in premarket trading but fell after the opening to trade at $71.20 as the broader market was also lower. FIS, a maker of technology for banking and merchant payments, has seen its stock price drop in recent years as investors became frustrated with how its three main businesses were linked together.
The changes come after weeks of discussions with D.E. Shaw, which owns an unspecified stake in FIS, which is valued at $43 billion. Its share price has fallen 32% in the last 52 weeks and closed at $72.41 on Wednesday.
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