Activist investor Starboard builds over 9% stake in Rogers

Aug 6 (Reuters) - Activist investor Starboard Value said on Wednesday it has built a 9.3% stake in Rogers Corp ROG.N as it seeks to push for changes at the advanced materials maker.

Shares of Rogers were up 10% in extended trade. However, the stock has fallen more than 30% so far this year.

Rogers, which makes advanced materials used in electric and hybrid cars, automotive safety, radar systems and other industrial applications, has a market value of about $1.28 billion, according to data compiled by LSEG.

Reuters reported in 2023 that the activist investor was building a sizable stake in Rogers and was seeking seats on the company's board in its push for changes.

The investor said it believes shares of Rogers, at the time of purchase, were undervalued and represented an attractive investment opportunity.

Starboard had previously entered into an agreement with Rogers regarding the composition of its board and other matters, it said in a regulatory filing.

Following the agreement, Starboard has engaged in discussions with Rogers' management and board regarding opportunities for value creation.

The Wall Street Journal reported that Starboard had built a stake of over 9% in Rogers earlier on Wednesday.