My investment thesis in Acacia Research (ACTG) hinges on how actively its latest partner, Starboard Value LP, participates in growing the business.
On November 18, 2019, Acacia announced a strategic partnership with Starboard. The deal will provide as much as $400 million in capital. Starboard's managing director, Jonathan Sagal, joined the Acacia board to help identify investment and acquisition opportunities. The transaction is structured to enable Acacia to address larger opportunities than its $169 million in cash and securities would otherwise allow. The transaction would require approval by Acacia's shareholders to issue the