UPDATE 1-Starboard takes minor stake in Symantec, seeks 5 board seats

1 BUSINESS

Business News - Opportunities - Reviews

 

 

(Reuters) – Starboard Value LP has taken a 5.8 percent stake in Symantec Corp (SYMC.O) and nominated five directors to the company’s board, the hedge fund’s filing showed on Thursday.

FILE PHOTO: The Symantec booth is seen during the 2016 Black Hat cyber-security conference in Las Vegas, Nevada, U.S. on August 3, 2016. REUTERS/David Becker/File Photo

Starboard said Symantec’s shares “were undervalued and represented an attractive investment opportunity” and that it would engage in discussions to change the composition of the board. (bit.ly/2Mpq6Nj)

Starboard is seeking operational changes at the company to improve margins, especially in its business-facing segment, the Wall Street Journal reported earlier in the day.

Reporting by Ishita Chigilli Palli and Nivedita Balu in Bengaluru; Editing by Gopakumar Warrier and Anil D’Silva

1 BUSINESS

Business News - Opportunities - Reviews

 

 

Leave a Reply