LH - Activist Starboard takes more than 5% stake in Fortrea Holdings - WSJ
2023-10-16 22:17:48 ET
Activist investor Starboard has amassed a more than 5% stake in contract-research organization Fortrea Holdings ( NASDAQ: FTRE ).
The activist investor is expected to push for changes at the company that could boost its margins, according to a WSJ report that cited people familiar with the matter. The stake is expected to be disclosed in a regulatory filing on Tuesday.
Fortrea ( FTRE ), which was recently spun off from Laboratory Corp. ( LH ), has a market cap of $2.6 billion. Labcorp spun out Fortrea as an independent contract research organization on June 30.
News of the Fortrea ( FTRE ) stake comes as Starboard founder and CEO Jeff Smith is expected to present at the 13D Monitor Active-Passive Investor Summit on Tuesday. He is likely to discuss the Fortrea stake.
On Friday Reuters reported that Starboard
had taken a stake in News Corp. (NWS).More on Fortrea Holdings
- Fortrea Holdings: Many Questions Post The Spin-Off
- Fortrea Holdings Inc. (FTRE) Q2 2023 Earnings Call Transcript
- Barclays starts Fortrea at equal weight, sees near-term margins below peers
- Historical earnings data for Fortrea Holdings
- Financial information for Fortrea Holdings
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Activist Starboard takes more than 5% stake in Fortrea Holdings - WSJ