495 documents showing 181–240
News Corporation NWSA
News Corp's REA stake alone is worth $8B of its $12B EV — separating Digital Real Estate would expose Dow Jones and surface ~50% upside to ~$33/share.
N4
V3
C3
⌂
◫
Fortrea Holdings Inc. FTRE
Fortrea, LabCorp's spun-out CRO, earns 9% EBITDA margins versus 18% peers; CEO Tom Pike's IQVIA playbook implies $47-$72 per share, 60-144% upside at normalized margins.
N4
V3
C3
⌂
”
⇌
GoDaddy Inc. GDDY
GoDaddy has missed its 2022 Investor Day targets as Tech & Dev expenses ballooned; cutting costs to a 40% growth+profitability exit rate and adding a Starboard director unlocks a ~40% valuation re-rating.
N4
V3
C2
⌂
⚑
Algonquin Power & Utilities Corp. AQN
Starboard, now AQN's largest holder at 7.5%, says selling the unregulated renewables fixes leverage and the payout ratio, leaving a greener regulated utility worth a peer-premium re-rating.
N4
V1
C1
◫
Vitesco Technologies VTSC
Vitesco trades at €2.6B EV — less than its ICE business alone is worth (€2.9-4.3B at peer multiples); buy the stock and get the high-growth EV-powertrain unit for free.
N5
V3
C2
⌂
◫
”
LivePerson, Inc. LPSN
LivePerson's Founder-CEO LoCascio has destroyed value and ignored governance; Starboard is launching a 2023 proxy fight to force a CEO change or sale of the company.
N4
V2
C2
⌂
”
⚑
Rogers Corporation ROG
Starboard's 6.5% stake in Rogers Corporation backs a board slate of specialty-materials veterans, arguing undervalued shares warrant fresh director expertise after the failed DuPont sale.
N2
V1
C1
The Walt Disney Company DIS
Disney's world-class IP is being squandered by a board that overpaid $52bn for Fox, bungled CEO succession, and is bleeding streaming losses — add Nelson Peltz to restore discipline.
N4
V3
C3
⌂
”
⚑
The Walt Disney Company DIS
Disney is in a self-inflicted crisis of governance, strategy and capital allocation; electing Nelson Peltz to the board will restore discipline, profitability and the dividend by FY 2025.
N4
V2
C2
⌂
The Walt Disney Company DIS
Disney's DTC pivot is working, but spinning ESPN, fully owning Hulu, cutting costs, and refreshing the board will unlock the next leg of value.
N3
V2
C1
Box, Inc. BOX
Box has chronically lagged peers and entrenched itself via an unnecessary $500M KKR preferred financing; electing Starboard's minority slate restores stockholder accountability and unlocks long-term value.
N4
V2
C1
”
⚑
Date
Fund
Target
Thesis
Scores
Oct 17, 2023
Ancora
Forward Air Corporation
FWRD
Forward Air's $3.2B Omni Logistics deal destroys shareholder value; block the deal, replace CEO Tom Schmitt and the Board, and shares rerate to $140-$145.
N4
V3
Oct 17, 2023
Starboard Value
GoDaddy
GDDY
GoDaddy missed its 2022 Investor Day commitments as Tech & Development costs ballooned; cutting costs to hit 33%+ EBITDA margins re-rates FCF/share to $10+ and closes the peer-multiple gap.
N3
V3
Oct 17, 2023
Starboard Value
GoDaddy, News Corp, Fortrea
Starboard pitches three ideas: News Corp should separate Digital Real Estate to unlock ~50% upside, GoDaddy should expand margins to 33%+, and Fortrea can hit 18% peer margins under Tom Pike.
N4
V3
Oct 13, 2023
Starboard Value
Multiple (GoDaddy, News Corp, Fortrea)
GDDY, NWSA, FTRE
Starboard pitches three activist ideas at the 2023 13D Monitor Summit — GoDaddy margin expansion, News Corp digital-real-estate separation, and Fortrea CRO profitability fix — each with 50%+ upside.
N4
V3
Oct 04, 2023
Bluebell Capital
BP plc
BP
BP trades at a 44% discount to US majors because Looney's pivot away from oil & gas destroys value; reverse the strategy, return capital, and unlock 50%+ upside.
N4
V2
Oct 01, 2023
Starboard Value
News Corporation
NWSA
News Corp's REA stake alone is worth $8B of its $12B EV — separating Digital Real Estate would expose Dow Jones and surface ~50% upside to ~$33/share.
N4
V3
Oct 01, 2023
Starboard Value
Bloomin' Brands
BLMN
Bloomin' Brands trades at 5.0x EBITDA vs Darden's 9.5x because of operational execution failures at Outback; Starboard's Darden playbook can narrow the gap and unlock shareholder value.
N4
V3
Oct 01, 2023
Starboard Value
Fortrea Holdings Inc.
FTRE
Fortrea, LabCorp's spun-out CRO, earns 9% EBITDA margins versus 18% peers; CEO Tom Pike's IQVIA playbook implies $47-$72 per share, 60-144% upside at normalized margins.
N4
V3
Sep 12, 2023
Starboard Value
GoDaddy Inc.
GDDY
GoDaddy has missed its 2022 Investor Day targets as Tech & Dev expenses ballooned; cutting costs to a 40% growth+profitability exit rate and adding a Starboard director unlocks a ~40% valuation re-rating.
N4
V3
Jul 06, 2023
Starboard Value
Algonquin Power & Utilities Corp.
AQN
Starboard, now AQN's largest holder at 7.5%, says selling the unregulated renewables fixes leverage and the payout ratio, leaving a greener regulated utility worth a peer-premium re-rating.
N4
V1
Jun 01, 2023
Land & Buildings
Alexandria Real Estate Equities, Inc.
ARE
Alexandria's life-science office portfolio is being hit by the same WFH hurricane as traditional offices, and shares face 30-40% downside if re-rated to coastal office REIT peers.
N3
V4
May 11, 2023
Elliott Management
The Goodyear Tire & Rubber Company
GT
Goodyear's industry-low 5% margin and under-monetized 715-store retail platform create $32/share of value vs $11 today — via board refresh, retail sale, and operational review.
N5
V4
May 09, 2023
Greenlight Capital
Vitesco Technologies
VTSC
Vitesco trades at €2.6B EV — less than its ICE business alone is worth (€2.9-4.3B at peer multiples); buy the stock and get the high-growth EV-powertrain unit for free.
N5
V3
May 05, 2023
Starboard Value
LivePerson, Inc.
LPSN
LivePerson's Founder-CEO LoCascio has destroyed value and ignored governance; Starboard is launching a 2023 proxy fight to force a CEO change or sale of the company.
N4
V2
Apr 20, 2023
Engine Capital
Parkland Corporation
PKI
Parkland's board re-nominated its 24-year chairman and set sub-cost-of-capital ROIC targets; Engine urges shareholders to WITHHOLD on all incumbents to force governance, pay, and portfolio reform.
N3
V1
Apr 12, 2023
Bluebell Capital
Glencore Plc
GLEN
Glencore's unsolicited Teck bid is structurally flawed; Glencore should first demerge thermal coal, Oil Marketing and Viterra, then merge with Teck to unlock a world-class transition-metals leader.
N4
V1
Mar 23, 2023
TCI Fund
Cellnex Telecom, S.A.
CLNX
Cellnex is a great asset hobbled by a board that botched CEO succession; TCI will move at the AGM to remove Kan, Shore and Reich and seat its own director.
N3
V2
Mar 22, 2023
Engine Capital
Parkland Corporation
PKI
Parkland's conglomerate mix of retail, refinery and distribution trades at a 3-turn discount to Couche-Tard; spin the non-core assets and refresh the stale board to unlock ~$45/share, roughly 55% upside.
N4
V2
Feb 22, 2023
Soroban
Union Pacific Corporation
UNP
UNP owns the best Class I rail franchise but ranks worst on every metric under CEO Lance Fritz; bringing back operator Jim Vena could double the stock to ~$400 by 2025.
N5
V4
Feb 20, 2023
TCI Fund
Airbus SE
AIR
TCI urges Airbus to abandon the 29.9% Evidian stake — a value-destructive, politically-motivated bailout of Atos that distracts management from fixing aircraft delivery shortfalls.
N4
V2
Feb 09, 2023
Pershing Square
Pershing Square Holdings
PSH
PSH's hedging-led 2022 outperformance and 25%+ five-year compounding deserve a narrower discount to NAV; buybacks, rising dividend and FTSE 100 inclusion are closing the gap.
N2
V3
Feb 08, 2023
Ancora
Ritchie Bros. Auctioneers
RBA
Back the amended RBA-IAA merger: $350-900M of synergies, a Starboard/Ancora-refreshed board, and Luxor's anti-deal case is flawed — RBA should re-rate from $62 to ~$130.
N4
V3
Feb 06, 2023
Starboard Value
Rogers Corporation
ROG
Starboard's 6.5% stake in Rogers Corporation backs a board slate of specialty-materials veterans, arguing undervalued shares warrant fresh director expertise after the failed DuPont sale.
N2
V1
Jan 20, 2023
TCI Fund
Alphabet
GOOGL
Alphabet's January layoffs are a start but insufficient; management must cut headcount ~20% to 150,000 and slash excessive pay, including stock-based comp.
N3
V1
Jan 12, 2023
Trian Partners
The Walt Disney Company
DIS
Disney's world-class IP is being squandered by a board that overpaid $52bn for Fox, bungled CEO succession, and is bleeding streaming losses — add Nelson Peltz to restore discipline.
N4
V3
Jan 11, 2023
Trian Partners
The Walt Disney Company
DIS
Disney is in a self-inflicted crisis of governance, strategy and capital allocation; electing Nelson Peltz to the board will restore discipline, profitability and the dividend by FY 2025.
N4
V2
Dec 21, 2022
Oasis Management
Digital Garage, Inc.
4819 JT
Digital Garage's fintech payments arm is starved by a distracted conglomerate; spinning off FinTech and dumping the Kakaku.com stake unlocks ~100% upside amid Japan's cashless boom.
N3
V2
Dec 21, 2022
Oasis Management
Digital Garage Inc.
4819 JT
Digital Garage is missing Japan's cashless-payments wave; spinning off DG Financial Technology, divesting Kakaku, and refocusing management would nearly double the stock and lift profit before tax from JPY4.5bn to JPY11.4bn.
N4
V2
Dec 19, 2022
Palliser Capital
Capricorn Energy PLC
CNE
Capricorn's board is destroying value by forcing a low-ball NewMed sale; replacing seven directors unlocks up to 400p per share via Palliser's Value Optimisation Plan.
N4
V2
Dec 01, 2022
Land & Buildings
Six Flags Entertainment Corp.
SIX
Six Flags' owned real estate is worth more than its entire equity value; spinning it to a REIT buyer like VICI plus fixing the botched 2022 repositioning can double the stock.
N4
V4
Nov 15, 2022
TCI Fund
Alphabet
GOOGL
Alphabet's cost base is bloated — headcount up 20% CAGR since 2017, pay 67% above Microsoft, Other Bets bleeding $20bn; cut costs, target a 40% Google Services margin, and buy back stock aggressively.
N4
V3
Oct 27, 2022
Palliser Capital
Capricorn Energy
CNE
NewMed's all-share bid for Capricorn hands shareholders a 42% discount and a self-serving board deal; a cash-return plus Egypt-focused optimisation path unlocks 400p/share instead.
N5
V4
Oct 19, 2022
Starboard Value
Multiple (Wix, Salesforce, Splunk, Vertiv)
WIX / CRM / SPLK / VRT
Four high-quality TMT names (Wix, Salesforce, Splunk, Vertiv) trade at multi-year-low valuations; closing the margin gap to peers as the market shifts from growth to profitability unlocks substantial FCF/share upside.
N4
V3
Aug 15, 2022
Third Point
The Walt Disney Company
DIS
Disney's DTC pivot is working, but spinning ESPN, fully owning Hulu, cutting costs, and refreshing the board will unlock the next leg of value.
N3
V2
Aug 09, 2022
Palliser Capital
Capricorn Energy PLC
CNE
Capricorn's board must withdraw its Tullow merger recommendation — a nil-premium takeover that hands Capricorn's cash to junk-rated creditors while standalone value of 330p offers 67% upside.
N4
V3
May 09, 2022
Starboard Value
LivePerson, Inc.
LPSN
Starboard owns 9.7% of LivePerson and is running a proxy fight to reconstitute the board and unseat founder-CEO Rob LoCascio, arguing toxic culture and weak governance have driven chronic underperformance.
N4
V2
May 09, 2022
Starboard Value
LivePerson, Inc.
LPSN
LivePerson's founder-CEO and entrenched Board have destroyed value through strategy drift and toxic culture; Starboard's proxy slate will reconstitute the Board and refocus the company.
N4
V3
May 01, 2022
Carl Icahn
McDonald's Corporation
MCD
McDonald's board broke a 10-year promise to end gestation crates; replace Penrose and Lenny with two ESG experts to fix systemic governance and sustainability failures.
N4
V3
Apr 26, 2022
Sachem Head
US Foods Holding Corp.
USFD
Sachem Head owns 8.7% of US Foods and is running a proxy fight to install five directors who can close the Sysco margin gap and deliver ~100% upside.
N4
V3
Apr 20, 2022
Pershing Square
Netflix
NFLX
Pershing Square exits Netflix at a 4-point portfolio loss because the ad-tier pivot widens the outcome range beyond what a concentrated book can underwrite.
N4
V2
Mar 22, 2022
Engine Capital
Houghton Mifflin Harcourt
HMHC
Veritas's $21/share buyout of Houghton Mifflin steals the company for 7.6x 2024 UFCF; reject it and execute a standalone Dutch tender recap to reach ~$42 by 2024.
N4
V3
Mar 22, 2022
Engine Capital
Houghton Mifflin Harcourt
HMHC
Veritas' $21 tender for Houghton Mifflin Harcourt steals value at 7.6x UFCF; a self-funded Dutch tender and standalone plan could deliver roughly $42 per share by 2024.
N3
V1
Mar 08, 2022
Starboard Value
Huntsman Corporation
HUN
Huntsman has misled shareholders for 15 years — missed EBITDA targets, destroyed Textile Effects, fire-sold Venator — while a legacy board shielded management; elect Starboard's nominees.
N4
V3
Mar 03, 2022
Starboard Value
Huntsman Corporation
HUN
Starboard is running a proxy fight for four Huntsman board seats, arguing a CEO-beholden board allowed 337% S&P underperformance and three missed Investor Day promises.
N5
V3
Mar 02, 2022
Starboard Value
Huntsman Corporation
HUN
Huntsman has serially missed its own Investor Day promises while an entrenched board shields management; elect Starboard's four independent chemical-industry nominees to restore accountability.
N4
V3
Feb 28, 2022
Starboard Value
Huntsman Corporation
HUN
Huntsman, led by the founding family for its entire history, has missed three consecutive investor-day targets and lags peer EBITDA margins by ~900bps; Starboard's four nominees can unlock ~600bps of margin expansion.
N5
V4
Feb 11, 2022
Pershing Square
Pershing Square Holdings (fund portfolio)
PSH
PSH delivered 26.9% NAV return in 2021 and 50.1% 3-year CAGR, beating most major indices
N2
V3
Feb 10, 2022
Starboard Value
Huntsman Corporation
HUN
Huntsman has chronically underperformed chemicals peers and missed three straight Investor Day targets; Starboard (8.6%) seeks four new directors to restore accountability and unlock value.
N4
V3
Feb 10, 2022
Starboard Value
Huntsman Corporation
HUN
Huntsman has underperformed peers by 575% since IPO and missed three straight Investor Day targets; elect four Starboard nominees on the BLUE card to restore board accountability.
N3
V2
Jan 26, 2022
Pershing Square
Netflix, Inc.
NFLX
Pershing Square builds a top-20 Netflix stake after the post-earnings selloff, betting streaming economics, content moat and margin expansion make NFLX a long-term compounder at dislocated prices.
N2
V1
Jan 13, 2022
Starboard Value
Mercury Systems, Inc.
MRCY
Starboard, a 7.33% owner of Mercury Systems, demands the board scrap the December 2021 poison pill or raise its 7.5% trigger to 15% and put it to a shareholder vote.
N2
V2
Jan 12, 2022
Starboard Value
Huntsman Corporation
HUN
Huntsman has missed every Investor Day target since 2014 and underperformed chemical peers by 330% since IPO; Starboard nominates four directors to force execution.
N4
V2
Jan 12, 2022
Starboard Value
Huntsman Corporation
HUN
Huntsman's decade of missed EBITDA targets and defensive governance demand Board change; Starboard nominates four directors to restore accountability and close the chronic peer-valuation discount.
N4
V2
Nov 01, 2021
Land & Buildings
REIT sector (thematic)
REITs hedge inflation, but only short-lease high-margin sectors — residential, self-storage, warehouses — work; office and net lease are bond-like losers in a 6%+ CPI world.
N3
V3
Oct 26, 2021
Oasis Management
Hokuetsu Corporation
3865
Hokuetsu's 13-year CEO resists change as its paper business declines; selling Daio Paper cross-holdings and pivoting to biomass power can quadruple market cap to ¥533.9bn.
N3
V1
Sep 01, 2021
Land & Buildings
N/A (asset-class advocacy)
Publicly traded REITs have outperformed private real estate by 165–590bps annually for 20 years, offer better liquidity, cheaper valuations vs. bonds, and superior inflation-era returns.
N2
V3
Aug 31, 2021
TCI Fund
Canadian National Railway
CNI
CN, once the best-run Class I railroad, is now the worst under CEO Ruest; abandon the KCS deal and install Jim Vena to restore operational excellence.
N4
V3
Aug 16, 2021
Starboard Value
Box, Inc.
BOX
Box has chronically lagged peers and entrenched itself via an unnecessary $500M KKR preferred financing; electing Starboard's minority slate restores stockholder accountability and unlocks long-term value.
N4
V2
Aug 06, 2021
Starboard Value
Box, Inc.
BOX
Box is a best-of-breed cloud content platform that has missed every revenue target since IPO; a reconstituted board can fix go-to-market execution and close a massive valuation gap to peers.
N4
V3
May 20, 2021
Starboard Value
Box, Inc.
BOX
Box's board issued $500m of KKR preferred to lock up >10% of the vote and entrench itself ahead of Starboard's proxy contest — Starboard demands the books and four new directors.
N3
V1