Electrical components manufacturer Atkore is weighing strategic alternatives – including a full sale of the business – after pressure from activist hedge fund Irenic Capital Management, according to a report by Bloomberg.

Shares in the company rose more than 2% on the news, valuing the business at roughly $2.2bn.

Irenic, which holds about 2.5% of Atkore, has been pushing the board since September to run a sale process, arguing the company is undervalued and would attract strategic and private equity buyers. The hedge fund’s campaign comes as Atkore contends with weaker-than-expected Q3 revenues and a share price down nearly 20% year-to-date.

Atkore has already been exploring divestitures, including a potential sale of its high-density polyethylene pipe and conduit unit, which serves telecoms and non-electrical infrastructure markets. A broader review could see the company offload additional assets across its electrical and safety infrastructure portfolio.