Activist investor Starboard builds over 9% stake in Rogers, WSJ reports

Reuters

Aug 07

Activist investor Starboard builds over 9% stake in Rogers, WSJ reports

Aug 6 (Reuters) - Activist investor Starboard Value has more than a 9% stake in Rogers Corp ROG.N and plans to seek another round of changes at the engineering-materials maker to boost shares, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

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.

Starboard Value did not immediately respond to a Reuters request for comment. Rogers declined to comment.

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

The Journal report added that Starboard's position in the company is expected to be disclosed later on Wednesday in a securities filing.

(Reporting by Anshuman Tripathy in Bengaluru; Editing by Alan Barona)

((Anshuman.Tripathy@thomsonreuters.com;))

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