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Campaigns / Starboard Value → Mellanox Technologies, Ltd.
Starboard Value vs. Mellanox Technologies, Ltd.

Mellanox Technologies, Ltd. · MLNX

3 decks published between 2018-01-08 and 2018-03-07 — 28 pages, 28 analysed slides total.

follow up proxy fight

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2018-01-08 follow up

    2018 01 Starboard_Value_LP_Letter_to_MLNX_01.08.2018

    6pp · letter

    Mellanox has industry-leading 70%+ gross margins but dead-last operating margins among fabless semis; disciplined cost cuts can close a multi-year peer gap and rerate the stock.

    N 4 V 3 C 3
    ⌂ ⚑
  2. 2018-02-05 follow up

    2018 02 ex1todfan14a062917208_020518

    17pp · letter

    Mellanox insiders have sold $130M of stock across 373 trades vs. one purchase since IPO — evidence the Board lacks confidence in its own plan and must be reconstituted.

    N 4 V 3 C 3
    ⌂ ” ⚑
  3. 2018-03-07 proxy fight

    2018 03 Starboard_Value_LP_Letter_to_MLNX_Shareholders_Regarding_Preliminary_Proxy_03.07.2018

    5pp · letter

    Mellanox's long-tenured board has presided over chronic underperformance and heavy insider selling; Starboard's 10.6% stake is launching a proxy fight to replace a majority of directors.