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Activist Starboard Value takes stake in Starbucks, WSJ reports

08/09/2024

Less than a minute

2024.08.09 18:04

(Reuters) -Activist investor Starboard Value has a stake in Starbucks (NASDAQ:) and wants the coffee giant to take steps to improve its stock price, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Starbucks shares were up 3.2% in extended trading.

The size of the hedge fund’s stake in the company and its exact demands were not known, the report added.

© Reuters. FILE PHOTO: A customer exits a Starbucks in Buffalo, New York, U.S., December 7, 2021. REUTERS/Lindsay DeDario/File Photo

Last week, activist investor Elliott Management proposed a board expansion and governance improvements at the coffee chain, as part of a settlement in which CEO Laxman Narasimhan would be allowed to keep his position.

Starbucks and Starboard Value did not immediately respond to Reuters requests for comment.

08/09/2024

Less than a minute