October 01, 2014 4:42 AM ET

Capital Markets

Company Overview of Starboard Value LP

Company Overview

Starboard Value LP is a privately owned hedge fund sponsor. The firm primarily provides its services to pooled investment vehicles. It also caters to state and municipal government entities. The firm invests in the public equity markets of the United States. It invests in value stocks of small-cap companies. The firm employs fundamental analysis to make its investments. Starboard Value LP was founded in March 2011 and is based in New York City.

777 Third Avenue

18th Floor

New York, NY 10017

United States

Founded in 2011

Phone:

212-845-7977

Key Executives for Starboard Value LP

Chief Executive Officer and Chief Investment Officer
Age: 42
Portfolio Manager and Head of Risk Management and Trading
Age: 52
Chief Financial Officer and Chief Compliance Officer
Director of Operations
Managing Member
Age: 35
Compensation as of Fiscal Year 2014.

Starboard Value LP Key Developments

Starboard Value Asks Darden To Delay Plans For Spin Off Or Sale Of Red Lobster

Starboard Value LP has urged Darden Restaurants, Inc. (NYSE:DRI) to delay the spinoff of its Red Lobster, Inc. The calls for change from two investors holding almost 8% of Darden shares has put intense pressure on Clarence Otis, Chairman and Chief Executive Officer of Darden Restaurants. Jeffrey Smith, Managing Member of Starboard Value, wrote in a letter to Clarence, "The proposed Red Lobster separation is not just a sub-optimal outcome, but one that may prove to be value destructive - potentially even worse for shareholders than the status quo." In his letter to Darden on January 21, 2014, Smith called Darden's Red Lobster proposal, "a hurried, reactive attempt, in the face of shareholder pressure to do the bare minimum to appease shareholders." Smith called on Darden to consider other options to boost share value, including slashing operating costs, improving restaurant results and divesting real estate. A spokesman for Darden did not immediately respond to requests for comment.

Starboard Urges Compuware To Evaluate Strategic Altenatives

Starboard Value LP is urging Compuware Corporation (NasdaqGS:CPWR) to maximize value through sale, restructuring plan. Starboard has delivered a letter to Compuware's President and CEO, Bob Paul, and Board of Directors. Starboard stated: "We appreciate you taking the time to speak with us last week, and also previously meeting with us at our offices in New York. We are encouraged by the commitment management has made to reduce operating expenses and return cash to shareholders...We are also encouraged by the public statements that you have made regarding Compuware’s ongoing efforts to explore strategic alternatives. However, as we stated on the call, we believe that this process has gone on for too long without any conclusion. It has been almost a year since Elliott Management offered to acquire the company for $11.00 per share. While the company has made some progress on its restructuring and value creation initiatives, investors are still left to wonder how Compuware’s long-term strategy will look. Additionally, we believe the length of time that the company has spent exploring strategic alternatives, without any conclusion to the process, has created a significant overhang on the stock price...It is time for Compuware to either sell itself now for an acceptable premium or execute and expand upon its previously announced standalone value creation plan."

Starboard Value Asks TriQuint To Sell Mobile Power Amplifier Business

Starboard Value LP is asking TriQuint Semiconductor, Inc. (NasdaqGS:TQNT) to consider selling or restructuring its mobile power amplifier business. Starboard, which owns an 8% stake in TriQuint, said the company should focus on its networks and defense businesses and should consider selling mobile power amplifier business which is loweing its ahre price. Starboard said TriQuint should exit its Oregon wafer fabrication facility, moving part of its power amplifier production to its other plant in Texas and outsourcing the rest to a foundry. TriQuint's share price rose 5% to $7.73. TriQuint was not immediately available for comment to Reuters Hedgeworld.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
September 26, 2014
Yahoo! Inc.
Merger/Acquisition
September 2, 2014
Compuware Corporation
Merger/Acquisition
February 24, 2014
TriQuint Semiconductor, Inc.
 

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