Activist investor Starboard takes position in Fortrea

Fortrea Holdings

17/10/2023 13:52

NEW YORK, Oct 17 (Reuters) - Starboard Value Chief
Executive Jeff Smith said on Tuesday the activist investor has
taken a position in Fortrea Holdings Inc  FTRE.O , believing the
company could attract interest from potential acquirers once it
has improved its finances.
    Fortrea, a contract research organization which was spun out
of Labcorp  LH.N  in July, has significant potential once it has
tidied up its finances following the separation, Smith told the
13D Monitor Active Passive Investor Summit.
    Once this has taken place, Fortrea will likely attract
acquisition interest from private equity firms and other
companies in the space, he added.

 (Reporting by Svea Herbst-Bayliss and David French)
 ((davidj.french@thomsonreuters.com;))