MTCH - Tinder Parent Match Group Soars Nearly 9% In After-Hours Trading As Activist Hedge Fund Starboard Value Led By Jeffrey Smith Reportedly Acquires Over 6.5% Stake Amid Calls For Policy Changes | Benzinga
The activist hedge fund Starboard Value which was founded in 2002 by Jeffrey Smith and Mark Mitchell with Smith serving as CEO has acquired a substantial stake in Match Group Inc (NASDAQ:MTCH), the parent company of Tinder. The fund is urging Match Group to enhance its margins or consider a sale if the proposed changes do not yield the desired results.
What Happened: Starboard Value has taken a keen interest in Match Group. The hedge fund has accumulated a stake of over 6.5% in the online dating company and is advocating for a potential sale if the company’s performance does not improve, The Wall Street Journal reported on Monday, citing people familiar with the matter.
Match Group has been the focus of other activist investors, including Elliott Investment Management. The company’s shares have declined by approximately 12% this year, leading to a market capitalization of $8.5 billion.
Starboard is of the opinion that ...