Deals
Corvex Takes Fortrea Stake Following Activist Starboard
- Fortrea could fetch 40% in a buyout, Corvex contends
- Corvex seeks to profit from work of other activist firms
This article is for subscribers only.
Corvex Management LP has taken a stake in Fortrea Holdings Inc., a clinical trials management company that was spun out of Labcorp Holdings Inc.
The activist investor contends the company could be worth $25 to $27 a share once it improves its margin on earnings before income, taxes, depreciation and amortization, said Corvex Chief Investment Officer Keith Meister.