BUZZ-Lyft advances as activist Engine Capital urges to address strategy

Reuters
03-26
BUZZ-Lyft advances as activist Engine Capital urges to address strategy

Updates stock activity, adds context

** Shares of ride-hailing firm Lyft LYFT.O up 2.2% to $12.49 after rising as high as $13.20 in early afternoon trading on Tues after activist investor news

** Hedge fund Engine Capital Management gearing up for a boardroom fight and has nominated director candidates, sources familiar with the matter told Reuters

** The activist investor has pushed co in recent weeks to address its sagging stock price and strategy, the sources said

** LYFT shares have lost nearly 40% over the past 12 months, including move on the session

** Co has roughly $5 bln market cap

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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