April 24 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)