** Shares of investment firm Cannae Holdings CNNE.N, led by American businessman Bill Foley, rise 4.8% to $17.80

** Carronade Capital, which owns about 2.9 million shares of CNNE and is one of the company's top shareholders, launches boardroom battle at Cannae raising concerns over underperformance

** Carronade nominates four director candidates for election at the 2025 annual meeting, says CNNE share price could have upside of at least 50%

** Investor pushing for CNNE to sell down positions in public companies and return that capital to shareholders

** CNNE, which was spun out of Fidelity National Financial FNF.N in 2017, has investments in data and analytics provider Dun & Bradstreet DNB.N, employee benefits service provider Alight ALIT.N and payments platform Paysafe PSFE.N

** CNNE stock down 21% in last 12 months

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))