Connect with us

Hi, what are you looking for?

Business

GoDaddy shares jump on news of Starboard’s $800M stake

Activist investor Starboard Value has purchased a 6.5% stake in web services firm GoDaddy worth about $800 million, according to a regulatory filing with the US Securities and Exchange Commission. Shares of GoDaddy, which have dropped 8% so far this year, rose 8.9% to $82.75 in premarket trading. Starboard said that GoDaddy’s shares were undervalued and represented an attractive investment opportunity, according to the filing. The Wall Street Journal was the first to report the acquisition of the stake. The report also said that Starboard plans to push the company to improve its performance. Arizona-based GoDaddy has seen a surge in online traffic as several businesses increasingly shifted to digital operations due to the COVID-19 pandemic. Starboard Value and GoDaddy did not immediately respond to Reuters requests for comment.

Click to comment

Leave a Reply

Your email address will not be published.

Advertisement

You May Also Like

Finance

THE COUNTRIES of East and South-East Asia are renowned, even envied, for reshaping global supply chains. Less well appreciated is the extent to which...

Business

Apple has started allowing some customers back into its New York City stores — just hours after the tech giant had banned all in-person...

Business

A short seller who accurately predicted the downfall of German payment processor Wirecard is now betting that Tesla’s stock will fall, claiming that the...

Business

She’s a right royal genius! Meghan Markle, the Duchess of Sussex is the “most intelligent member of the British royal family,” according to a...