05:36 AM EDT, 08/12/2024 (MT Newswires) -- Activist investor Starboard Value has taken a stake in Starbucks ( SBUX ) and is pushing the coffee retailer to take measures to increase its stock price, The Wall Street Journal reported late Friday, citing people familiar with the matter.

The report said Starboard's specific demands and stake size are unclear.

The move comes amid Starbucks' ( SBUX ) ongoing negotiations with another activist, Elliott Investment Management, which also has a stake and is advocating for changes, according to the Journal.

The report said that if Elliott fails to secure board representation, it might pursue a proxy battle for seats, and it isn't clear whether Starboard will also look for board seats.

Starboard Value and Starbucks ( SBUX ) did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 77.59, Change: +2.50, Percent Change: +3.33