ValueAct Adds New Stakes in Symantec, Expeditors InternationalBeth Jinks
ValueAct Capital Management LLC, the fund run by Jeffrey Ubben, acquired new stakes in Symantec Corp. and Expeditors International of Washington Inc.
ValueAct bought about 7.6 million shares of Symantec, giving it about a 1.1 percent stake in the biggest maker of antivirus tools, according to a filing today with the U.S. Securities and Exchange Commission. It also bought 2.19 million shares in Expeditors, a Seattle-based logistics company.
Symantec rose 2.7 percent to $22 as of 4:58 p.m. in New York, after closing regular trading at $21.41. Expeditors International rose slightly to $44.66.
San Francisco-based ValueAct, which manages about $14 billion, often mounts activist campaigns for changes at companies it invests in. The firm has helped change the direction of companies including Microsoft Corp. and Valeant Pharmaceuticals International Inc.