BOSTON (Reuters) – Starboard Value has nominated six directors to the board at Commvault, setting the stage for a second battle in two years between the U.S. data protection and data management software company and an activist hedge fund.
Starboard on Thursday told the company that it is nominating six people, including Jeffrey Smith, Starboard’s chief executive, and Gavin Molinelli, a co-portfolio manager at the firm. Commvault has 11 board members.
The New York-based hedge fund now owns 9.91% of the Tinton Falls, NJ-headquartered company, having raised its stake modestly from the 9.3% it owned when it first made a mandatory regulatory filing with the Securities and Exchange Commission on March 30.
News that Starboard had built a position in Commvault helped push the stock price higher over the last days, and it closed trading on Thursday at $41.79, up 2.5%. Starboard’s average purchase price was $35.76.
Starboard, run by Smith, often seeks operational changes at the companies…
Source Reuters Tech News
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