Market Overview

Marvell Gets A Big New Investor: Starboard Value

Marvell Gets A Big New Investor: Starboard Value

Starboard Value LP acquired a 6.7 percent share in semiconductor supplier Marvell Technology Group Ltd. (NASDAQ: MRVL), according to an SEC filing Wednesday morning. The company purchased 34.7 million shares.

The purchasers, semiconductor executives Rick Hill, Oleg Khaykin and Jeff McCreary, wrote in the filing that Marvell's shares were "undervalued and represented an attractive investment opportunity."

Related Link: Tech Industry To See 330K Layoffs In 2016, Chowdhry Warns

The holding is Starboard's second largest by share count, after its 44.7 million share stake in Office Depot Inc (NASDAQ: ODP).

The technology company is facing a two-pronged federal investigation from the SEC and Justice Department over issues with its accounting, which saw the company's accounting firm resign, according to the Wall Street Journal in December.

Marvell shares were up nearly 4.5 percent in premarket trading, but fell about 3 percent at time of writing.

Image Credit: Public Domain


Related Articles (MRVL)

View Comments and Join the Discussion!

Posted-In: Jeff McCreary Oleg Khaykin Rick Hill Starboard Value LPNews SEC Tech Trading Ideas