Shares of Twilio Inc.
TWLO,
jumped 4.9% after hours on Tuesday after The Information reported that an activist investor with a stake in the software company was pressing it to shake up its board and think about possible divestitures. The investor, Legion Partners, has met with the business-communication software provider’s board and executives “several times,” the Information said. The Information said more aggressive lobbying from investors could be on the way, as Twilio’s use of super-voting shares was set to end in less than a month. The expiration of those shares will deprive the company’s chief executive of outsized voting power that kept other activist investors away, the Information said.
