fbpx
Wikipedia

Starboard Value

Starboard Value is an American hedge fund that was founded in 2002 by Jeffrey Smith and Mark Mitchell with Smith serving as CEO.

Starboard Value began as part of Ramius Capital in 2002. Peter Feld joined Smith and Mitchell in 2005.

Starboard Value merged with the Cowen Group in 2008, and was Cowen's hedge-fund until 2011, when it went independent. Smith, Mitchell, and Feld all stayed with Starboard.

Starboard has a five-member board of directors. As of February 2019, the five directors were John Leonard, chief executive officer of Intellia Therapeutics; Jeffrey Smith, Starboard's own chief executive officer; Janet Vergis, chairman of the board at Amneal Pharmaceuticals; James Tyree, chairman of Tyree & D'Angelo Partners; and Steven Shulman, managing partner of Shulman Family Ventures.

In 2011, Starboard won seats on the boards of SurModics, a maker of biopharmaceuticals, and Regis, a chain of hair-cutting salons.

In December 2011, Starboard sought to gain seats on AOL's board, charging that the firm's CEO, Tim Armstrong, 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 Microsoft 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.

After accumulating a 15% stake in Office Depot, Starboard asked for its CEO, Neil Austrian, to be fired, and urged that the firm complete its merger with Office Max. Office Depot gave Starboard three board seats. Starboard also called for a merger between Office Depot and Staples, but the Federal Trade Commission ruled against it for anti-trust reasons, and a judge agreed with the FTC's verdict.

In November 2017, Starboard Value took a 10.7% stake in Mellanox Technologies, 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.

In December 2017, Starboard Value bought a 9.9% stake in Cars.com, which it considered to be undervalued and potentially salable.

In August 2018, Starboard Value disclosed that it had accumulated a 5.8% stake in Symantec 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 announced that three nominees of Starboard were joining the Symantec board, two with immediate effect (including Starboard Managing Member Peter Feld) and one following the 2018 Annual Meeting of Stockholders.

In addition, Starboard has taken activist positions in Smithfield Foods, Calgon Carbon, Tessera Technologies, Yahoo, Brink's Home Security, Macy's, Darden Restaurants, and Papa John's Pizza.

In October 2014, after what William D. Cohan of Fortune 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 Darden Restaurants, a Fortune 500 company that owns Olive Garden and Longhorn Steakhouse. Among Smith's criticisms was that the pasta at Olive Garden was inadequately salted. On the HBO program Last Week Tonight, host John Oliver 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 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%.

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.

  1. Butt, Rachel; Here are the 10 biggest activist money managers and some of their most impressive bets; Business Insider; June 17, 2016; http://nordic.businessinsider.com/top-10-biggest-activist-investors-2016-6?r=US&IR=T
  2. Michael J. de la Merced (February 4, 2015). "A Primer on Starboard, the Activist That Pushed for a Staples-Office Depot Merger". The New York Times.
  3. Butt, Rachel; Here are the 10 biggest activist money managers and some of their most impressive bets; Business Insider; June 17, 2016; http://nordic.businessinsider.com/top-10-biggest-activist-investors-2016-6?r=US&IR=T
  4. Roumeliotis, Greg (28 February 2019). "Intellia CEO not involved in Starboard's Bristol-Myers board challenge". Reuters. Retrieved3 March 2019.
  5. Cohan, William D.; Starboard Value's Jeff Smith: The investor CEOs fear most; Fortune; December 3, 2014; http://fortune.com/2014/12/03/starboard-capitals-jeff-smith-activist-investor-darden-restaurants/
  6. Cohan, William D.; Starboard Value's Jeff Smith: The investor CEOs fear most; Fortune; December 3, 2014; http://fortune.com/2014/12/03/starboard-capitals-jeff-smith-activist-investor-darden-restaurants/
  7. Butt, Rachel; Here are the 10 biggest activist money managers and some of their most impressive bets; Business Insider; June 17, 2016; http://nordic.businessinsider.com/top-10-biggest-activist-investors-2016-6?r=US&IR=T
  8. Benoit, David; Starboard Value takes 10.7% stake in Mellanox Technologies in push for possible sale; MarketWatch; November 21, 2017; https://www.marketwatch.com/story/starboard-value-takes-107-stake-in-mellanox-technologies-in-push-for-possible-sale-2017-11-21
  9. Benoit, David; Starboard Value to Launch Proxy Fight for Entire Board at Mellanox; Wall Street Journal; January 17, 2018; https://www.wsj.com/articles/starboard-value-to-launch-proxy-fight-for-entire-board-at-mellanox-1516225802
  10. Benoit, David; Activist Starboard Value Buys 9.9% Stake in Cars.com; Wall Street Journal; December 18, 2017; https://www.wsj.com/articles/activist-starboard-value-buys-9-9-stake-in-cars-com-1513636271
  11. https://www.sec.gov/Archives/edgar/data/849399/000092189518002357/sc13d06297244_08152018.htm
  12. Nivedita Balu; Arjun Panchadar (2018-08-16). "Starboard eyes Symantec board seats after taking stake". Reuters Technology News.
  13. "Symantec Confirms Receipt of Director Nominations". Symantec. 2018-08-16.
  14. RaiBalu, Sonam (2018-09-17). "Symantec names three Starboard nominees to board". Reuters.
  15. Butt, Rachel; Here are the 10 biggest activist money managers and some of their most impressive bets; Business Insider; June 17, 2016; http://nordic.businessinsider.com/top-10-biggest-activist-investors-2016-6?r=US&IR=T
  16. Cohan, William D.; Starboard Value's Jeff Smith: The investor CEOs fear most; Fortune; December 3, 2014; http://fortune.com/2014/12/03/starboard-capitals-jeff-smith-activist-investor-darden-restaurants/
  17. "Papa John's, Schnatter Reach Settlement Agreement". U.S. News. Associated Press. March 5, 2019. RetrievedMarch 5, 2019.
  18. J, Soundarya; DiNapoli, Jessica (March 5, 2019). "Papa John's founder Schnatter to exit board in settlement". Yahoo Finance. Reuters. RetrievedMarch 6, 2019.
  19. "Starboard Value LP - Latest 13F Holdings". RetrievedMarch 24, 2019.
  20. Cohan, William D.; Starboard Value's Jeff Smith: The investor CEOs fear most; Fortune; December 3, 2014; http://fortune.com/2014/12/03/starboard-capitals-jeff-smith-activist-investor-darden-restaurants/
  21. Butt, Rachel; Here are the 10 biggest activist money managers and some of their most impressive bets; Business Insider; June 17, 2016; http://nordic.businessinsider.com/top-10-biggest-activist-investors-2016-6?r=US&IR=T
  22. Cohan, William D.; Starboard Value's Jeff Smith: The investor CEOs fear most; Fortune; December 3, 2014; http://fortune.com/2014/12/03/starboard-capitals-jeff-smith-activist-investor-darden-restaurants/
  23. Butt, Rachel; Here are the 10 biggest activist money managers and some of their most impressive bets; Business Insider; June 17, 2016; http://nordic.businessinsider.com/top-10-biggest-activist-investors-2016-6?r=US&IR=T
  24. Cohan, William D.; Starboard Value's Jeff Smith: The investor CEOs fear most; Fortune; December 3, 2014; http://fortune.com/2014/12/03/starboard-capitals-jeff-smith-activist-investor-darden-restaurants/

Starboard Value
Starboard Value Language Watch Edit Starboard Value is an American hedge fund that was founded in 2002 by Jeffrey Smith and Mark Mitchell with Smith serving as CEO 1 Contents 1 History 2 Structure 3 Investments and activist campaigns 4 Darden takeover 5 Profitability 6 References 7 External linksHistory EditStarboard Value began as part of Ramius Capital in 2002 2 Peter Feld joined Smith and Mitchell in 2005 Starboard Value merged with the Cowen Group in 2008 and was Cowen s hedge fund until 2011 when it went independent Smith Mitchell and Feld all stayed with Starboard 3 Structure EditStarboard has a five member board of directors As of February 2019 the five directors were John Leonard chief executive officer of Intellia Therapeutics Jeffrey Smith Starboard s own chief executive officer Janet Vergis chairman of the board at Amneal Pharmaceuticals James Tyree chairman of Tyree amp D Angelo Partners and Steven Shulman managing partner of Shulman Family Ventures 4 Investments and activist campaigns EditIn 2011 Starboard won seats on the boards of SurModics a maker of biopharmaceuticals and Regis a chain of hair cutting salons In December 2011 Starboard sought to gain seats on AOL s board charging that the firm s CEO Tim Armstrong 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 Microsoft 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 5 After accumulating a 15 stake in Office Depot Starboard asked for its CEO Neil Austrian to be fired and urged that the firm complete its merger with Office Max Office Depot gave Starboard three board seats 6 Starboard also called for a merger between Office Depot and Staples but the Federal Trade Commission ruled against it for anti trust reasons and a judge agreed with the FTC s verdict 7 In November 2017 Starboard Value took a 10 7 stake in Mellanox Technologies 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 8 In January 2018 Starboard Value tried to remove the entire Mellanox board 9 In December 2017 Starboard Value bought a 9 9 stake in Cars com which it considered to be undervalued and potentially salable 10 In August 2018 Starboard Value disclosed that it had accumulated a 5 8 stake in Symantec 11 and had nominated five directors to Symantec s board 12 Symantec responded that it was evaluating the Starboard nominations and had not yet scheduled its 2018 Annual Meeting 13 In September 2018 Symantec announced that three nominees of Starboard were joining the Symantec board two with immediate effect including Starboard Managing Member Peter Feld and one following the 2018 Annual Meeting of Stockholders 14 In addition Starboard has taken activist positions in Smithfield Foods Calgon Carbon Tessera Technologies Yahoo Brink s Home Security Macy s 15 16 Darden Restaurants and Papa John s Pizza 17 18 19 Darden takeover EditIn October 2014 after what William D Cohan of Fortune 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 Darden Restaurants a Fortune 500 company that owns Olive Garden and Longhorn Steakhouse 20 Among Smith s criticisms was that the pasta at Olive Garden was inadequately salted 21 On the HBO program Last Week Tonight host John Oliver 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 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 22 After Starboard took over Darden its stock went up by almost 60 23 Profitability EditFrom 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 24 References Edit Butt Rachel Here are the 10 biggest activist money managers and some of their most impressive bets Business Insider June 17 2016 http nordic businessinsider com top 10 biggest activist investors 2016 6 r US amp IR T Michael J de la Merced February 4 2015 A Primer on Starboard the Activist That Pushed for a Staples Office Depot Merger The New York Times Butt Rachel Here are the 10 biggest activist money managers and some of their most impressive bets Business Insider June 17 2016 http nordic businessinsider com top 10 biggest activist investors 2016 6 r US amp IR T Roumeliotis Greg 28 February 2019 Intellia CEO not involved in Starboard s Bristol Myers board challenge Reuters Retrieved 3 March 2019 Cohan William D Starboard Value s Jeff Smith The investor CEOs fear most Fortune December 3 2014 http fortune com 2014 12 03 starboard capitals jeff smith activist investor darden restaurants Cohan William D Starboard Value s Jeff Smith The investor CEOs fear most Fortune December 3 2014 http fortune com 2014 12 03 starboard capitals jeff smith activist investor darden restaurants Butt Rachel Here are the 10 biggest activist money managers and some of their most impressive bets Business Insider June 17 2016 http nordic businessinsider com top 10 biggest activist investors 2016 6 r US amp IR T Benoit David Starboard Value takes 10 7 stake in Mellanox Technologies in push for possible sale MarketWatch November 21 2017 https www marketwatch com story starboard value takes 107 stake in mellanox technologies in push for possible sale 2017 11 21 Benoit David Starboard Value to Launch Proxy Fight for Entire Board at Mellanox Wall Street Journal January 17 2018 https www wsj com articles starboard value to launch proxy fight for entire board at mellanox 1516225802 Benoit David Activist Starboard Value Buys 9 9 Stake in Cars com Wall Street Journal December 18 2017 https www wsj com articles activist starboard value buys 9 9 stake in cars com 1513636271 https www sec gov Archives edgar data 849399 000092189518002357 sc13d06297244 08152018 htm Nivedita Balu Arjun Panchadar 2018 08 16 Starboard eyes Symantec board seats after taking stake Reuters Technology News Symantec Confirms Receipt of Director Nominations Symantec 2018 08 16 RaiBalu Sonam 2018 09 17 Symantec names three Starboard nominees to board Reuters Butt Rachel Here are the 10 biggest activist money managers and some of their most impressive bets Business Insider June 17 2016 http nordic businessinsider com top 10 biggest activist investors 2016 6 r US amp IR T Cohan William D Starboard Value s Jeff Smith The investor CEOs fear most Fortune December 3 2014 http fortune com 2014 12 03 starboard capitals jeff smith activist investor darden restaurants Papa John s Schnatter Reach Settlement Agreement U S News Associated Press March 5 2019 Retrieved March 5 2019 J Soundarya DiNapoli Jessica March 5 2019 Papa John s founder Schnatter to exit board in settlement Yahoo Finance Reuters Retrieved March 6 2019 Starboard Value LP Latest 13F Holdings Retrieved March 24 2019 Cohan William D Starboard Value s Jeff Smith The investor CEOs fear most Fortune December 3 2014 http fortune com 2014 12 03 starboard capitals jeff smith activist investor darden restaurants Butt Rachel Here are the 10 biggest activist money managers and some of their most impressive bets Business Insider June 17 2016 http nordic businessinsider com top 10 biggest activist investors 2016 6 r US amp IR T Cohan William D Starboard Value s Jeff Smith The investor CEOs fear most Fortune December 3 2014 http fortune com 2014 12 03 starboard capitals jeff smith activist investor darden restaurants Butt Rachel Here are the 10 biggest activist money managers and some of their most impressive bets Business Insider June 17 2016 http nordic businessinsider com top 10 biggest activist investors 2016 6 r US amp IR T Cohan William D Starboard Value s Jeff Smith The investor CEOs fear most Fortune December 3 2014 http fortune com 2014 12 03 starboard capitals jeff smith activist investor darden restaurants External links EditOfficial website Retrieved from https en wikipedia org w index php title Starboard Value amp oldid 1052130820, wikipedia, wiki, book,

books

, library,

article

, read, download, free, free download, mp3, video, mp4, 3gp, jpg, jpeg, gif, png, picture, music, song, movie, book, game, games.