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OFFON

ON SEMICONDUCTOR CORPORATION

(ON)
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ON Semiconductor : Activist Starboard seeks to nominate directors to Box board

05/03/2021 | 08:34am EDT

May 3 (Reuters) - Starboard Value LP plans to nominate directors to the board of cloud services provider Box Inc , the activist investor said on Monday, saying the company had fallen short on meeting expectations of profitable growth.

Starboard, which owns about 7.7% of Box, said the company had failed to capitalize on the work-from-home trend during the COVID-19 pandemic as many of its cloud computing peers have done.

Box in response said it was confident it could meet its revenue goals, helped by demand for products like Box Shield and Box Relay, its product roadmap and market opportunity.

The cloud service company also said it would continue to engage with Starboard but does not believe more changes to the board were "warranted or in the best interests of all stockholders."

Box highlighted that it had added three new directors to its board under an agreement with Starboard last year.

Starboard, led by hedge fund veteran Jeffrey Smith, has pushed for changes at several technology companies including chipmaker Marvell Technology Group Ltd, ON Semiconductor Corp, cybersecurity firm NortonLifeLock Inc and internet services firm Yahoo Inc.

Box said last month private equity giant KKR & Co Inc would lead a $500 million investment in the company weeks after Reuters reported Box was exploring a sale amid pressure from hedge fund Starboard Value LP. (Reporting by Uday Sampath and Nivedita Balu in Bengaluru; Editing by Shailesh Kuber and Ramakrishnan M.)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
NORTONLIFELOCK INC. -2.54% 26.82 Delayed Quote.32.44%
ON SEMICONDUCTOR CORPORATION -3.30% 35.78 Delayed Quote.9.32%
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Financials (USD)
Sales 2021 6 322 M - -
Net income 2021 636 M - -
Net Debt 2021 1 753 M - -
P/E ratio 2021 25,6x
Yield 2021 -
Capitalization 15 278 M 15 278 M -
EV / Sales 2021 2,69x
EV / Sales 2022 2,47x
Nbr of Employees 32 750
Free-Float 71,7%
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Technical analysis trends ON SEMICONDUCTOR CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 43,28 $
Last Close Price 35,78 $
Spread / Highest target 53,7%
Spread / Average Target 21,0%
Spread / Lowest Target -52,5%
EPS Revisions
Managers and Directors
NameTitle
Hassane El-Khoury President, Chief Executive Officer & Director
Sam Thad Trent Chief Financial Officer, Treasurer & Executive VP
Alan Campbell Chairman
Johannes M. C. Stork Chief Technology Officer & Senior Vice President
Wei-Chung Wang Executive VP-Global Manufacturing & Operations
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