For 17 years Jeffrey Smith, the co-founder of activist investment firm Starboard Value LP, has been telling public companies he and his team can help improve their operations. Now he is saying the same thing to private companies.
FILE PHOTO: Jeffrey Smith, CEO of Starboard Value LP and Chairman of Papa John's International Inc., speaks during an interview on CNBC on the floor of the New York Stock Exchange in New York, U.S., March 22, 2019. REUTERS/Brendan McDermid
There are already nearly 100 so-called SPACs, including activist investor William Ackman’s Tontine Holdings and former Goldman Sachs executive Gary Cohn and former hedge fund manager Cliff Robbins’ CohnRobbins Holdings, searching for deals. “If a family places their company, their baby essentially, with us, we will take their business to a better place,” he said, adding that he and the advisers and directors he recruited to SVAC can identify and repair weaknesses and be a bridge to the public markets that would not have existed before.
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