Activist Starboard launches proxy battle at Autodesk; to nominate directors

FILE PHOTO: Jeff Smith, CEO and Founder of Starboard Value, speaks during 13D Monitor's Active-Passive Investor Summit in New York City, U.S., October 22, 2024. REUTERS/Brendan McDermid/File Photo

(Reuters) -Starboard Value is launching a boardroom battle at Autodesk and is looking to nominate directors to its board, the activist investor said on Wednesday, intensifying a prolonged struggle to effect changes at the design software maker.

Starboard, which held Autodesk shares worth more than $300 million as of December 31, intends to nominate a minority slate of director candidates for election at the 2025 annual meeting, it said in a letter to Autodesk shareholders.

The company's annual shareholder meeting is scheduled for June 18, Autodesk said in a filing in January.

Autodesk's shares rose close to 2% in premarket trading, after having fallen more than 12% so far this year, marking a far deeper slump that the S&P 500's 4.5% drop. The company's 21.4% gain last year also underperformed the S&P 500's 23.3% jump in that period.

(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Maju Samuel)