WSJ Covers Starboard’s Deal for Board Seats at IDT
The Wall Street Journal (subscription required) and other media reported on the successful negotiation of a settlement by Olshan client Starboard Value LP with semiconductor manufacturer Integrated Device Technology (IDT). Under the agreement, IDT agreed to appoint two Starboard-recommended candidates to the company’s Board. In addition, IDT’s Board has agreed to identify an additional independent director candidate to join the IDT Board. Starboard is one of IDT’s largest shareholders with a 8.5% stake. Steve Wolosky, Andrew Freedman and, Meagan Reda represented Starboard in connection with its investment and the settlement negotiation.