Elliott Associates, affiliates take 8.88 percent stake in Qlik

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Elliott Associates said in a filing it believed the company's shares are "significantly undervalued".

The stake, which the investor and its affiliates held as of March 2, makes it the biggest shareholder in Qlik according to Thomson Reuters data.

Elliott said it has initiated talks with Qlik's management and board about strategic and operational opportunities. It didn't disclose any further details about the opportunities.

Last month, the company reported fourth-quarter revenue below estimates, hurt by a stronger dollar.

Up to Wednesday's close, the company's shares had lost more than a quarter of their value in the last 12 months. The company was not immediately available for comment.

Qlik shares were up 4.1 percent at $25.19 in early trading on the Nasdaq.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Shounak Dasgupta)