Activist Practice Negotiates Board Seats for Starboard at Integrated Device Technology
July 16, 2012
The Wall Street Journal and other financial media reported on the successful negotiation of a settlement by Olshan’s client Starboard Value LP with semiconductor products manufacturer Integrated Device Technology (IDT). Under the agreement, IDT agreed to appoint two Starboard-recommended candidates, Peter Feld and Jeffrey McCreary, to the company’s Board of Directors. In addition, IDT’s Board has agreed to work with its two new directors 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.