08:06 AM EDT, 09/09/2025 (MT Newswires) -- Altai Capital Management is gearing to launch a board fight at OraSure Technologies ( OSUR ) after increasing its stake in the medical device company to 5% from 3%, Reuters reported Tuesday, citing sources familiar with the matter.

The report said the hedge fund, led by Rishi Bajaj, is reportedly seeking board representation to push for strategic changes amid growing investor frustration with OraSure's ( OSUR ) performance and its recent rejection of a buyout offer.

OraSure ( OSUR ) reportedly turned down a takeover bid in June from healthcare entrepreneur Ron Zwanziger, who offered between $3.5 and $4 per share, according to the report.

Altai, which is not aligned with Zwanziger, is likely to nominate two board candidates, potentially including Bajaj, at the next annual meeting, where two seats are up for re-election, the people told Reuters.

By seeking board seats, Altai plans to take a different approach than Zwanziger's buyout offer to pressure OraSure's ( OSUR ) management and board to engage with dissatisfied shareholders, Reuters said.

The sources also said that Bajaj has been in contact with OraSure's ( OSUR ) management and previously recommended that an investor with capital allocation experience be added to the board.

OraSure ( OSUR ) did not immediately respond to MT Newswires' request for comment, while Altai Capital Management could not be reached.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)