Deals
MeadWestvaco Targeted by Activist Investor Starboard
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Starboard Value LP, the activist fund led by Chief Executive Officer Jeff Smith, amassed a stake in new target MeadWestvaco Corp. and is urging the packaging company to cut costs and boost profits.
Starboard disclosed a stake of about 5.6 percent in Richmond, Virginia-based MeadWestvaco, according to a regulatory filing today. The company should more aggressively tackle expenses and explore options for its specialty-chemical business, real estate, Brazilian timberland and pension assets, Smith said in a letter to the company.