Solstice rises after FT reports Starboard stake

Solstice Advanced Materials

Tue 11:43

** Shares of specialty chemicals maker Solstice Advanced Materials SOLS.O rise 4.1% to $63 premarket
** Activist investor Starboard Value has built a stake, pushing SOLS to take steps to lift its share price, the Financial Times reported on Monday, citing people familiar with the matter
** Starboard wants co to focus on execution in its core refrigerants and nuclear businesses and cut about $100 mln in corporate overhead - Report
** SOLS, spun off from Honeywell HON.O last year, saw its proposed $14.5 bln merger with Element Solutions scrapped in August, citing shareholder feedback
** Nine of ten brokerages rate the stock "buy" or higher and one "hold"; median PT is $80.50
** As of last close, stock up 24.5% YTD

 (Reporting by Anand Gopal in Bengaluru)
 ((AnandGopal.R@thomsonreuters.com))