July 20, 2024

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Starboard loses first legal fight against Autodesk. The battle is just starting

2 min read

Igor Golovniov | Lightrocket | Getty Images

Company: Autodesk (ADSK)

Business: Autodesk engages in three-dimensional (3D) design, engineering and entertainment technology solutions. Its product offerings are focused on the following categories: Architecture, Engineering and Construction, AutoCAD and AutoCAD LT, Manufacturing, and Media and Entertainment. Its products include AutoCAD Civil 3D, Building Connected, Autodesk Build, Revit, Computer-Aided Manufacturing Solutions, Fusion 360, ShotGrid and 3ds Max. Autodesk’s product development and manufacturing software provides manufacturers in automotive, transportation, industrial machinery, consumer products and building product industries with comprehensive digital design, engineering, manufacturing and production solutions. It also offers Wonder Studio, which is a cloud-based 3D animation and VFX solution.

Stock Market Value: $52.2B ($242.31 per share)

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Autodesk shares’ 2024 performance

Activist: Starboard Value

Percentage Ownership:  approximately 1% (more than $500 million position)

Average Cost: n/a

Activist Commentary: Starboard is a very successful activist investor and has extensive experience helping companies focus on operational efficiency and margin improvement. The firm has taken a total of 150 activist campaigns in their history and has an average return of 24.83% versus 12.99% for the Russell 2000 over the same period. Starboard has had an even better track record in the information technology sector. In 53 prior engagements, it has a return of 36.43% versus 18.82% for the Russell 2000 over the same period.

What’s happening

On June 17, Starboard sent a letter to Autodesk’s shareholders announcing that it is filing a lawsuit to compel the company to delay its 2024 annual meeting, scheduled for July 16, and to reopen the director nomination window. This follows Autodesk’s delayed disclosure of an internal investigation into reporting irregularities that Starboard says may have…

2024-06-22 07:07:00

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