Activist fund Relational discloses stake in "undervalued" Clean Harbors

April 24 Thu Apr 24, 2014 6:18pm EDT

April 24 (Reuters) - Privately owned activist fund Relational Investors LLC disclosed a 9.08 percent stake in Clean Harbors Inc, saying the hazardous waste manager is "undervalued," according to a regulatory filing.

Clean Harbors shares rose 8.6 percent in extended trading.

The San Diego, California-based asset manager, which made its initial investment in Clean Harbors in February, said it had discussed ways to raise the company's valuation, including a strategic review and operational improvements. (link.reuters.com/gyp78v)

Clean Harbors shares do not "adequately reflect the potential for significant earnings and cash flow growth," Relational Investors said in a filing.

Clean Harbors could not be immediately reached for comment.

The company's shares closed at $58.01 on the Nasdaq on Thursday. (Reporting by Richa Naidu in Bangalore; Editing by Kirti Pandey)

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