Twilio Inc TWLO shares are trading higher Wednesday following a report suggesting Legion Partners has met with the company's board and management, urging the company to make changes to the board and consider divestitures.
The Details:
According to Reuters, activist firm Legion Partners is pressing for changes at Twilio. Legion is well-known for its role in placing directors onto the boards of companies such as Kohl's and Bed Bath & Beyond.
The report indicates that people familiar with the matter have said the activist met with Twilio several times in recent months and raised concerns about the cloud services provider's cost structure, balance sheet and strategic alternatives. Legion is reportedly pushing for "significant action" to be taken.
Twilio is an American company which provides programmable communication tools for phone calls, text messages and other communication functions.
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TWLO Price Action: According to Benzinga Pro, TWLO was trading up nearly 9% at $68.30 at the time of publication.
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