Starboard Value, a prominent activist investment firm led by Jeffrey Smith, has acquired a 7.7% stake in semiconductor company Qorvo, valued at approximately $500 million, according to a report by the Wall Street Journal on Thursday. The firm is expected to disclose this position in a securities filing on Friday morning.
While the specific intentions behind Starboard’s investment in Qorvo remain unclear, the firm is reportedly seeking changes to improve the company’s underperforming share price. Neither Starboard nor Qorvo immediately responded to Reuters’ requests for comment.
Starboard, known for advocating strategic changes at companies, has recently pushed for transformations at several major firms, including Pfizer, News Corp., and Salesforce.
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