Charles River rises after report of settlement with activist investor Elliott

Shares of contract research firm Charles River Laboratories CRL.N rise 4.80% to $120.95 premarket

Co has reached a settlement with activist investor Elliott Investment Management to add four new directors to its board and launch a strategic review of the business, Reuters reports, citing two sources familiar with the matter

Elliott's Global Head of Engagement Steven Barg will join the board along with three other independent directors who have expertise in the pharmaceutical industry, the report adds

Elliott has become the largest investor in Charles River, but its exact stake could not be determined, according to the report

The agreement could be announced as early as Wednesday when the co is set to report its quarterly results, the sources told Reuters

Up to last close, stock was down 38% YTD