RingCentral stock rockets after shareholder says it may push for a merger

RingCentral Inc. shares
RNG,
+20.53%
were rocketing more than 16% in Friday trading after Sylebra Capital Ltd. disclosed a 8.68% stake in the company and said that it plans to engage in strategic discussions with management. Sylebra wants to “consider exploring and/or developing plans (whether preliminary or final) that may relate to, among other things, the operations, governance, management, business, assets, financial condition, corporate structure and strategic merger and acquisition plans,” it said in the 13-D filing. “Such discussions may include proposals regarding possible strategic transactions including possible business combinations.” Piper Sandler analyst James Fish flagged that Sylebra put out a similar filing Friday for 8×8 Inc.
EGHT,
+13.80%,
whose shares are up more than 14% in afternoon trading.