Acacia Research taps Starboard SPAC executive as M&A chief

Acacia Research

15/03/2022 12:00

By Svea Herbst-Bayliss
    BOSTON, March 15 (Reuters) - Acquisition platform Acacia
Research Corp  ACTG.O , backed by activist fund Starboard Value
and a recent bidder for retailer Kohl's Corp, appointed one of
the hedge fund's senior executives on Tuesday to oversee all
aspects of its takeover business.
    The firm, which acquires businesses in sectors including
technology, retail, and healthcare, appointed Martin McNulty Jr.
as its chief operating officer and head of mergers and
acquisitions, Acacia Chief Executive Officer Clifford Press told
Reuters.
    The appointment comes after global merger and acquisition
activity set new records last year. But the pace of takeovers
may be dampened by rising financing costs, expectations of
greater regulatory scrutiny mount and as geopolitical unrest
unnerves investors.
    Acacia also promoted Wesley Golby, its chief of research, to
chief investment officer. Golby previously co-founded investment
firm Seven Canyons Advisors. The appointments are effective
immediately.
    McNulty, who goes by MJ, had been CEO of Starboard's
special-purpose acquisition company (SPAC), Starboard Value
Acquisition Corp, which combined with data center Cyxtera
Technologies Inc last year. The deal valued the company at $3.4
billion. 
    "Adding MJ to our leadership team completes the build out of
our core acquisition platform," Press said, adding that
McNulty's skills in making operational improvements "will now be
applied to current and prospective portfolio companies."
    Acacia agreed with Starboard two years ago that the hedge
fund would provide as much as $400 million in capital for
strategic investments and acquisitions. 
    In late January, Acacia offered to buy Kohl's  KSS.N  for
$64 a share, making an offer that would have valued the retailer
at roughly $9 billion. Kohl's rejected this and another initial
offer from private equity firm Sycamore Partners.  urn:newsml:reuters.com:*:nL1N2U30IJ
    Acacia, which declined to comment on Kohl's, remains in
active discussions with the retailer's banker as it runs a sales
process, according to sources familiar with the matter.  
    

 (Reporting by Svea Herbst-Bayliss; Editing by Rashmi Aich)
 ((svea.herbst@thomsonreuters.com; +617 856 4331; Reuters
Messaging: svea.herbst.thomsonreuters.com@reuters.net))