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Starboard Value Prepares Board Nominations at Knife River to Push for Sale

MixedMedium impact
KNF$49.58 −1.82%

Activist investor Starboard Value is preparing to nominate board candidates at Knife River Corporation (NYSE:KNF) as part of an effort to pressure the firm to explore strategic options.

Starboard has selected an initial group of director nominees and is seeking additional candidates for election. The hedge fund, which built a significant position in Knife River, wants the business to consider alternatives including a potential sale or steps to increase profit margins. Starboard believes Knife River has high barriers to entry that could make it an attractive target for prospective buyers. Knife River previously stated it would engage with Starboard to discuss its views.

Shares of Knife River dropped 1.82% to $49.58 in recent trading. Starboard executive Jeff Smith is scheduled to speak at an investor conference on Tuesday, and Knife River is slated to report its third-quarter financial results on Nov. 3.

Key points

  • Starboard Value is preparing director candidates for election to the board of Knife River Corporation (NYSE:KNF).
  • The hedge fund holds a significant stake in Knife River and is pushing for a potential sale or margin improvements.
  • Knife River previously stated it plans to engage with Starboard to understand the activist investor's perspective.
  • Knife River shares fell 1.82% to $49.58, with third-quarter earnings scheduled for release on Nov. 3.

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Questions and answers

Why is Starboard Value nominating board members at Knife River?

Starboard Value is nominating board candidates to pressure Knife River Corporation to evaluate strategic alternatives, including a potential sale or initiatives to raise profit margins.

How did Knife River stock perform following the news?

Knife River Corporation (NYSE:KNF) shares declined 1.82% to finish at $49.58.

When is Knife River reporting its next earnings?

Knife River is scheduled to report its third-quarter results on Nov. 3.