Starboard Gets Seats at Perrigo -- Market Talk
February 07 2017 - 10:01AM
Dow Jones News
9:31 ET - Pharmaceutical makers better beware rejecting a deal.
Starboard has its next big board change with a settlement today
giving it five of 11 directors, eventually, at Perrigo (PRGO). It's
Starboard's biggest bet right now with a 6.7% stake and CEO Jeff
Smith is taking a seat, a sign the activist fund is particularly
focused on PRGO. PRGO shareholders 15 months ago batted away a $26B
bid, but shares have slumped since, essentially opening the door
for Starboard. In October, Starboard settled for 3 of 9 seats at
DepoMed (DEPO), which it also criticized for rejecting an approach.
Macy's (M) may want to remember this too if it balks too quickly at
approach from Hudson's Bay (HBC.T) that WSJ reported last week.
PRGO gains 1.6% to $79.33 (david.benoit@wsj.com; @DaveCBenoit)
(END) Dow Jones Newswires
February 07, 2017 09:46 ET (14:46 GMT)
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