Activist hedge fund Starboard targets benefits services provider Alight

Alight

21/02/2024 20:43

By Svea Herbst-Bayliss
       Feb 21 (Reuters) - Activist hedge fund Staboard Value
has amassed a stake in Alight  ALIT.N  and has nominated four
people to the U.S. benefits services provider's board of
directors in a push for changes, people familiar with the matter
said on Wednesday.
    Starboard has nominated three independent candidates and one
of its own executives as candidates, the sources said. 
    Starboard's exact plan for Alight could not be learned.
Earlier on Wednesday, Alight disclosed fourth-quarter earnings
and 2024 forecasts that missed analysts' expectations, and also
announced it had hired financial advisers to carry out "a
strategic portfolio review".
    The sources requested anonymity because Starboard has yet
gone public with its position in Alight. Spokespeople for
Starboard and Alight were not immediately available for comment.

 (Reporting by Svea Herbst-Bayliss in New York
Editing by Greg Roumeliotis)
 ((Greg.Roumeliotis@thomsonreuters.com; +1 646 223 6022; Reuters
Messaging: greg.roumeliotis.thomsonreuters.com@reuters.net))