** 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;))
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