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Starboard Value takes about $500 mln stake in Autodesk, WSJ reports
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Starboard Value takes about $500 mln stake in Autodesk, WSJ reports
Jun 16, 2024 6:02 PM

June 16 (Reuters) - Activist Starboard Value bought a

roughly $500 million stake in Autodesk ( ADSK ), and is pushing

for changes at the design-software maker, the Wall Street

Journal reported on Sunday, citing people familiar with the

matter.

Starboard thinks the company should improve its margins and

make changes to its board, the report said, adding that the

activist investor met with Autodesk ( ADSK ) executives in recent weeks

to discuss concerns related to the company's operations,

corporate governance and the handling of a recent accounting

probe that tanked the stock.

Starboard criticized Autodesk ( ADSK ) in private conversations with

the company for not disclosing the investigation and other

material updates until after the company's window for

shareholders to nominate director candidates closed in late

March, according to the report.

It is considering taking legal action to ask for Autodesk's ( ADSK )

director nomination window to be reopened and for the

design-software maker's annual shareholder meeting, currently

set for July 16, to be delayed, the report added.

Autodesk ( ADSK ) and Starboard did not immediately respond to

Reuters' requests for comment.

Autodesk ( ADSK ) provides 3D design and engineering solutions for

several sectors including construction, manufacturing and media.

Its portfolio of products include Revit and Fusion 360 software.

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