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Activist investor Starboard has amassed a more than 5% stake in contract-research organization Fortrea Holdings (NASDAQ:FTRE).
The activist investor is expected to push for changes at the company that could boost its margins, according to a WSJ report that cited people familiar with the matter. The stake is expected to be disclosed in a regulatory filing on Tuesday.
Fortrea (FTRE), which was recently spun off from Laboratory Corp. (LH), has a market cap of $2.6 billion. Labcorp spun out Fortrea as an independent contract research organization on June 30.
News of the Fortrea (FTRE) stake comes as Starboard founder and CEO Jeff Smith is expected to present at the 13D Monitor Active-Passive Investor Summit on Tuesday. He is likely to discuss the Fortrea stake.
On Friday Reuters reported that Starboard took a stake in News Corp.
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Image and article originally from seekingalpha.com. Read the original article here.