Autodesk rises after activist investor Starboard pushes for board changes
Design software firm Autodesk's ADSK.O shares rise 3.1% to $267.95
Activist investor Starboard says board change is necessary at ADSK and it intends to nominate a minority slate of experienced director candidates for election at the 2025 annual meeting
"When we added our newest directors, we reached out in advance to offer Starboard the opportunity to participate in the process, which they dismissed," ADSK says
In February, ADSK said it would reduce its workforce by about 9%, representing roughly 1,350 employees
Starboard had built a stake in ADSK valued at more than $500 mln and said in June last year that it planned to push for changes to the board due to concerns about co's performance and its handling of an accounting probe
Rosenblatt Securities says ADSK's commercial billings activity has been weak for over two years due to higher capital costs, weak markets for office space, and macroeconomic concerns
Up to last close, ADSK up ~2% over the past 12 months
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