By Chris Wack
Autodesk said in a letter responding to Starboard Value that its board maintains an open dialogue with its shareholders, and welcomes input on its business, including from Starboard.
On Sunday, The Wall Street Journal reported that Starboard Value has a roughly $500 million stake in Autodesk and is pushing for changes at the design-software maker, according to people familiar with the matter.
The Journal said Starboard met with Autodesk executives in recent weeks to discuss concerns related to the company's operations, corporate governance and the handling of a recent accounting probe.
Autodesk said it has sought to have constructive discussions with Starboard since the firm first reached out in early June. The Autodesk board and management team will carefully review Starboard's letter.
Consistent with market practice, Autodesk said its bylaws include a customary period, in advance of each year's annual meeting, during which all shareholders have the opportunity to submit proposals and make director nominations. That period closed on March 23, 2024, and Autodesk didn't receive any proposals or director nominations.
Autodesk said its board considered the request from Starboard and determined that re-opening the advance-notice period wouldn't be in the best interests of Autodesk or its shareholders. Autodesk is planning to hold its annual meeting as scheduled on July 16, 2024.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
06-17-24 1108ET