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.