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Marvell Technology's Stock Gains As Activist Investor Acquires A 6.7% Stake

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Shares of Marvell Technology Group Ltd. (NASDAQ: MRVL) rose on Wednesday after Starboard Value, an activist investment firm, disclosed a 6.7 percent stake in the company.

According to the regulatory filing, Starboard Value hired Richard Hill, a former Chairman and Chief Executive Officer of Novellus Systems, Oleg Khaykin, a former President and Chief Executive Officer of International Rectifier Corporation and Jeff McCreary, a former director of Integrated Device Technology to act as advisers.

Bloomberg quoted Kevin Cassidy, an analyst at Stifel who suggested that Starboard Value's involvement in Marvell could be a positive for the company.

"They're a value investor and they probably see some very good opportunities," Cassidy told Bloomberg. He added that Marvell has "solid businesses and just has had some missteps operationally, and maybe with some of the advisers Starboard has, maybe they can suggest some changes."

 

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