Edgewater Technology Shares Surge 11% After Company Says Reviewing Strategic Options
Edgewater Technology Inc. shares surged 11% in premarket trade Monday, after the IT consulting firm said it is reviewing its strategic options. "Our board is committed to acting in the best interests of shareholders and believes it is appropriate to explore strategic alternatives that might provide additional opportunities to enhance value for shareholders," the company said in a statement. There is no set time frame for the review, and no plans for updates unless a specific action is decided upon, said the statement. Signal Hill Capital Group is acting as financial adviser, while Hinckley, Allen & Snyder LLP and Jones Day as legal counsel. Shares are up 6% in the year through Friday, while the S&P 500 has gained 1.5%.
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