805:
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of directors everywhere," informing them that shareholders were now in the ascendant, and "managers ignore them at their peril." According to Cohan, "the scope of Smith's triumph with Darden has left jaws hanging open across Wall Street and beyond. Only in a handful of times in the past few years has an activist managed to replace an entire board of directors, and never at a company the size of Darden." After
Starboard took over Darden, its stock went up by almost 60%.
371:
did a three-minute comedy bit based on
Starboard's presentation. As of February 1, 2018, it had been seen by nearly four million viewers. While owning less than 10% of the firm, Smith replaced the entire board and became Darden's chairman. By doing so, wrote Cohan, Smith "fired a shot over the bows
212:
in 2012." Although
Starboard lost a proxy battle six months later, Armstrong followed Starboard's advice, spinning off Patch and returning the $ 1 billion from Microsoft to its shareholders. Consequently, the value of Starboard's AOL stock more than doubled.
262:
247:, an Israeli semiconductor firm. Asserting that Mellanox was spending too much on research and development and other expenses, Starboard urged the company to improve its margins. In January 2018, Starboard Value tried to remove the entire Mellanox board.
601:
27:
208:, was "wasting money by funding the losses at Patch, a network of local-news websites," and calling on Armstrong to "return to shareholders much of the more than $ 1 billion it received from the sale of its patents to
350:
Magazine described as a "brilliantly executed campaign" involving "withering public criticism" of the firm's leadership and "careful courtship" of its major shareholders, Smith effectively took control of
261:
and had nominated five directors to
Symantec's board. Symantec responded that it was evaluating the Starboard nominations and had not yet scheduled its 2018 Annual Meeting. In September 2018, Symantec
380:
From 2002 to 2014, Starboard generated annualized returns of 15.5%. Fully 84% of its activist campaigns have been profitable. Since 2004, Starboard has replaced over 80 directors on about 30 boards.
147:
605:
441:
820:
587:
517:
420:
311:, claiming it was undervalued, seeking operational improvements, with an opportunity to boost margins. Vertiv shares rose more than 10% following the news.
830:
620:
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221:
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536:
634:
744:
331:
190:
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Butt, Rachel; Here are the 10 biggest activist money managers and some of their most impressive bets; Business
Insider; June 17, 2016;
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Starboard has a five-member board of directors. As of
February 2019, the five directors were John Leonard, chief executive officer of
502:
466:
265:
that three nominees of
Starboard were joining the Symantec board, two with immediate effect (including Starboard Managing Member
574:
165:
in 2008, and was Cowen's hedge-fund until 2011, when it went independent. Smith, Mitchell, and Feld all stayed with
Starboard.
557:
407:
181:; James Tyree, chairman of Tyree & D'Angelo Partners; and Steven Shulman, managing partner of Shulman Family Ventures.
667:
143:
86:
228:. Office Depot gave Starboard three board seats. Starboard also called for a merger between Office Depot and
770:
363:. Among Smith's criticisms was that the pasta at Olive Garden was inadequately salted. On the HBO program
327:
158:
Starboard Value began as part of Ramius
Capital in 2002. Peter Feld joined Smith and Mitchell in 2005.
205:
289:
233:
177:; Jeffrey Smith, Starboard's own chief executive officer; Janet Vergis, chairman of the board at
178:
45:
244:
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55:
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https://www.sec.gov/Archives/edgar/data/849399/000092189518002357/sc13d06297244_08152018.htm
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http://nordic.businessinsider.com/top-10-biggest-activist-investors-2016-6?r=US&IR=T
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352:
323:
319:
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518:"Starboard Value takes 10.7% stake in Mellanox Technologies in push for possible sale"
364:
194:
644:
421:"A Primer on Starboard, the Activist That Pushed for a Staples-Office Depot Merger"
273:
257:
In August 2018, Starboard Value disclosed that it had accumulated a 5.8% stake in
335:
315:
258:
814:
672:
277:
102:
745:"Vertiv Jumps 10% After Activist Jeff Smith's Starboard Reveals 7.4% Stake"
356:
229:
217:
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In August 2023, it was announced
Starboard had acquired a 5% stake in the
698:
368:
162:
442:"Intellia CEO not involved in Starboard's Bristol-Myers board challenge"
26:
237:
225:
139:
639:
293:
209:
537:"Starboard Value to Launch Proxy Fight for Entire Board at Mellanox"
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which owns several American casual dining restaurant brands such as
251:
798:
677:
254:, which it considered to be undervalued and potentially salable.
224:, to be fired, and urged that the firm complete its merger with
308:
285:
269:) and one following the 2018 Annual Meeting of Stockholders.
585:
124:
668:"Papa John's founder Schnatter to exit board in settlement"
503:"Starboard Value's Jeff Smith: The investor CEOs fear most"
467:"Starboard Value's Jeff Smith: The investor CEOs fear most"
250:
In December 2017, Starboard Value bought a 9.9% stake in
201:
588:"Starboard eyes Symantec board seats after taking stake"
243:
In November 2017, Starboard Value took a 10.7% stake in
418:
272:
In addition, Starboard has taken activist positions in
721:"Starboard Takes Stake in Data Center Business Vertiv"
558:"Activist Starboard Value Buys 9.9% Stake in Cars.com"
184:
240:
reasons, and a judge agreed with the FTC's verdict.
200:
In December 2011, Starboard sought to gain seats on
771:"Starboard Value acquires stake in Bloomin' Brands"
635:"Papa John's, Schnatter Reach Settlement Agreement"
602:"Symantec Confirms Receipt of Director Nominations"
621:"Symantec names three Starboard nominees to board"
666:J, Soundarya; DiNapoli, Jessica (March 5, 2019).
821:Financial services companies established in 2002
812:
346:In October 2014, after what William D. Cohan of
307:In October 2022, Starboard took a 7.4% stake in
189:In 2011, Starboard won seats on the boards of
627:
586:Nivedita Balu; Arjun Panchadar (2018-08-16).
419:Michael J. de la Merced (February 4, 2015).
831:Investment companies based in New York City
439:
803:
699:"Starboard Value LP - Latest 13F Holdings"
25:
826:Investment companies of the United States
665:
768:
204:'s board, charging that the firm's CEO,
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398:
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604:. Symantec. 2018-08-16. Archived from
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534:
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501:Cohan, William D. (December 3, 2014).
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440:Roumeliotis, Greg (28 February 2019).
836:Hedge fund firms of the United States
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193:, a maker of biopharmaceuticals, and
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556:Benoit, David (December 18, 2017).
516:Benoit, David (November 21, 2017).
483:
13:
535:Benoit, David (January 17, 2018).
355:, a Fortune 500 company that owns
341:
216:After accumulating a 15% stake in
197:, a chain of hair-cutting salons.
185:Investments and activist campaigns
14:
847:
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161:Starboard Value merged with the
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220:, Starboard asked for its CEO,
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619:RaiBalu, Sonam (2018-09-17).
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719:Deveau, Scott (2022-10-20).
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142:that was founded in 2002 by
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150:with Smith serving as CEO.
67:; 22 years ago
10:
852:
590:. Reuters Technology News.
153:
119:
109:
98:
79:
61:
51:
41:
33:
24:
234:Federal Trade Commission
769:umeshell (2023-08-21).
179:Amneal Pharmaceuticals
505:. Fortune (magazine).
290:Brink's Home Security
245:Mellanox Technologies
236:ruled against it for
175:Intellia Therapeutics
56:Investment Management
775:Verdict Food Service
282:Tessera Technologies
608:on August 17, 2018.
562:Wall Street Journal
542:Wall Street Journal
361:Longhorn Steakhouse
115:Jeffrey Smith (CEO)
21:
16:American hedge fund
426:The New York Times
353:Darden Restaurants
298:Darden Restaurants
19:
725:www.bloomberg.com
365:Last Week Tonight
302:Papa John's Pizza
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799:Official website
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332:Fleming’s Prime
320:Bloomin’ Brands
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138:is an American
136:Starboard Value
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20:Starboard Value
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749:www.nasdaq.com
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125:starboardvalue
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751:. 2022-10-21
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357:Olive Garden
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218:Office Depot
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99:Headquarters
42:Company type
522:MarketWatch
369:John Oliver
163:Cowen Group
815:Categories
780:2023-08-21
755:2024-03-23
730:2024-03-23
623:. Reuters.
476:2024-03-23
384:References
328:Carrabba’s
267:Peter Feld
238:anti-trust
232:, but the
226:Office Max
140:hedge fund
111:Key people
704:March 24,
640:U.S. News
263:announced
210:Microsoft
191:SurModics
169:Structure
683:March 6,
651:March 5,
259:Symantec
252:Cars.com
80:Founders
52:Industry
34:Formerly
678:Reuters
471:Fortune
451:3 March
446:Reuters
367:, host
348:Fortune
324:Outback
230:Staples
154:History
120:Website
70: (
62:Founded
46:Private
334:, and
309:Vertiv
300:, and
294:Macy's
105:, U.S.
316:Tampa
286:Yahoo
195:Regis
706:2019
685:2019
653:2019
453:2019
359:and
146:and
127:.com
72:2002
65:2002
202:AOL
817::
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747:.
723:.
676:.
670:.
643:.
637:.
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520:.
485:^
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74:)
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