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Box details the behind the scenes fight with Starboard Value - Silicon Valley Business Journal
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Activist investor Starboard nominates directors to Box board By Syndicated Content
May 10, 2021 | 7:32 AM
(Reuters) â Activist investor Starboard Value LP on Monday launched a proxy battle to take greater control of cloud services provider Box Inc as it nominated four directors for election to the companyâs board.
Starboard, which owns about 8% of Box, had earlier said the company had failed to capitalize on the work-from-home trend during the COVID-19 pandemic, falling behind its cloud computing peers.
Box did not immediately respond to a request for comment.
The activist investor said last week it planned to nominate directors to Boxâs board. In response, Box said it does not believe more changes to the board were âwarranted or in the best interests of all stockholders,â highlighting that it had added directors to its board under an agreement with Starboard last year.
Starboard Puts Forth Box Board Slate Saying Promises Unkept The hedge fund says Box hasn t narrowed its valuation gap relative to peers as it said it would two years ago.
Bloomberg | May 10, 2021
Scott Deveau (Bloomberg) Activist investor Starboard Value has nominated a minority slate for the board of Box Inc. that will pit its nominees against Chief Executive Officer Aaron Levie and two other directors seeking re-election this year.
Starboard said in a letter to the software company’s shareholders it’s put forth four directors for the three seats to be voted on. The additional nominee will give Starboard some flexibility if Box expands the number of seats up for grabs ahead of the annual general meeting.