Starboard Value demands cost cuts after acquiring stake in Solstice Advanced Materials
SOLS Solstice Advanced Materials Inc
$63.06 +4.28%
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- 1Starboard Value, having secured a stake worth hundreds of millions of dollars, is demanding cost reductions from Solstice Advanced Materials.
- 2It urges the company to achieve a cost reduction target of approximately 100 million dollars in corporate overhead and focus on its core business.
- 3Solstice Advanced Materials canceled its plan in late August for a 14.5 billion dollar merger and acquisition with Element Solutions.
So what's the key point?
Starboard Value bought shares in Solstice Advanced Materials and is asking the company to cut costs. They want the company to reduce spending by about 100 million dollars and focus on its main business.
Source Investing.com · View original ↗
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