- Hedge fund Starboard Capital holds 8 percent of Box stock. Unhappy with the company's performance, the investor wants to take control of the SaaS firm that is underperforming its peers.
- Starboard Capital has nominated 3 directors and a backup for Box's board. They aim to displace company board member and CEO Aaron Levie and replace two other directors.
- Investment firm KKR recently invested $500 million in Box. John Park, technology industry leader of KKR's Americas Private Equity platform, has joined Box's board last week.
- Box reached a high of $24.73 on its opening day in January 2015. More than 6 years later it has rarely traded as high at a time SaaS stocks have boomed. It's no wonder Box stockholders are disappointed.
- The showdown between Box and Starboard Value will evolve until June or July when Box's annual shareholders meeting is expected to take place; if Starboard's candidates get elected, shares will rally.
For further details see:
Starboard Value Wants To Take Control Of Box