Activist hedge fund Starboard Value says it took a 5.1% stake in Progress Software (PRGS +1.5%)...

|About: Progress Software Corporation (PRGS)|By:, SA News Editor

Activist hedge fund Starboard Value says it took a 5.1% stake in Progress Software (PRGS +1.5%) and delivers a letter to CEO Jay Bhatt and the board stating that the company is deeply undervalued with a current market price that fails to reflect the value of a sum of its parts. Starboard says it wants to talk with Bhatt and the board to "explore ways to unlock value."