- Mellanox Technologies’ (NASDAQ:MLNX) largest shareholder wants a proxy fight.
- Starboard Value LP announces that it will nominate a slate of nine candidates to replace Mellanox’s entire board.
- Starboard, which has a 10.7% interest in Mellanox, sent a letter to shareholders. The investor says it believes in Mellanox but that the company “has been plagued by years of dismal stock price and operating performance, poor execution, excessive stock-based compensation, and a perceived inability to hold management accountable for its failure to deliver results.”
- Starboard previously pushed out the founders of Marvell Technology (NASDAQ:MRVL), which recently acquired Cavium for $6B. Starboard said Mellanox turned down a potential deal with Marvell.
- Mellanox reports Q4 results tomorrow.
- Previously: Starboard Value discloses 10.7% stake in Mellanox, wants to explore sale (Nov. 20, 2017)
- Previously: Bloomberg: Starboard to vote for Marvell-Cavium deal (Nov. 21, 2017)
- Previously: Mellanox Technologies' largest investor slams 2018 targets (Jan. 8)