By Svea Herbst-Bayliss
NEW YORK (Reuters) – Activist investment firm Starboard Value LP has amassed a sizable stake in Rogers Corp and is seeking seats on the electronics materials company’s board in its push for changes, people familiar with the matter said on Friday.
The board challenge comes after chemical company DuPont in November walked away from a $5.2 billion deal to acquire Rogers because it failed to secure regulatory approval for the transaction in China. The deal had originally been announced in late 2021.
Starboard, which is led by Jeffrey Smith, has been building a stake in Rogers that is nearing 5% and has notified the company that it will nominate at least three people to the company’s 10-member board, the sources said, requesting anonymity because the matter is confidential.
Starboard’s plans for the company could not immediately be learned. Starboard and Rogers did not respond to requests for comment….
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