Activist investor Starboard Value LP acquires 5.8% stake in Symantec Corp

Starboard, which has nominated 5 members to Symantec’s board, intends to boost Symantec’s margins.

On Thursday, as per a report from The Wall Street Journal, Starboard Value LP, an activist investor, has taken a 5.8% stake in Symantec Corp and is looking to take at least 5 seats in its Board of Directors.

The WSJ report, which cites sources familiar with the matter at hand, states, Starboard had privately named its nominees in June 2018 having purchased a stake worth around $670 million.

Starboard is seeking to make operational changes in Symantec’s business-facing segment so as to boost its margins, said the WSJ report.

According to Starboard, its nominees could help improve operations as well as amend issues with financial reporting; its nominees include a former executive from Intuit Inc as well as a former chairman of AVG Technologies, an antivirus company.

Symantec, which is in the midst of an internal accounting probe, saw its first-quarter revenue falling 1.6 percent, hurt by weaker demand from companies.

Starboard and Symantec were not immediately available for comment outside of regular business hours.

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