Update 9:40am : Updates shares, confirms Starboard stake.
- Vertiv ( NYSE: VRT ) rose 10% after activist Starboard Value built a stake in the company that provides equipment and services providers to data centers.
- Starboard disclosed a 7.4% stake in a 13-D filing on Thursday. The activist investor owns 27.8 million shares and and the stake would make Starboard among the top five biggest holders.
- Starboard is said to be advocating for operational improvements and has had talks with Vertiv's ( VRT ) management, according to an earlier Bloomberg report.
- Starboard CEO Jeff Smith is expected to discuss the Vertiv ( VRT ) investment at the Capitalize for Kids Investor conference for charity in Toronto on Thursday, according to the report.
- The Vertiv ( VRT ) report comes after news on Tuesday that Starboard reportedly took a "significant" stake in Salesforce ( CRM ), which Smith discussed at the 13D Monitor Active-Passive Investor Summit in New York City.
For further details see:
Vertiv gains 10% after activist Starboard takes stake (update)