Starboard Secures Stake In GoDaddy For $800 Million

GoDaddy's headquarters located in Tempe, Arizona. Source: GoDaddy

Activist investor Starboard Value LP purchases a 6.5% stake, worth $800 million, in web services firm GoDaddy Inc. This stake has now become the biggest holding of Starboard, a New-York based hedge fund.

Earlier this year, shares of the web services firm had fallen by approximately 8.2%. This gave the company a market valuation of roughly $12.7 billion. With the hedge fund buying more than 10,000 shares of GoDaddy, the shares of the latter company have risen by nearly 9%.

In its regulatory filing with the U.S. Securities and Exchange Commission, Starboard said GoDaddy's shares were "undervalued and represented an attractive investment opportunity."

Additionally, the disclosure said Starboard may meet with the management and board to discuss ways to improve shareholder value. A...

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