Starboard Value Secures Board Seat at Fortrea
Deal News | Feb 27, 2025 | Olshan Frome Wolosky LLP
Starboard Value LP, advised by Olshan Frome Wolosky LLP, has reached an agreement with Fortrea Holdings Inc. which results in the appointment of Erin L. Russell to Fortrea’s board of directors. The agreement also grants Starboard the right to appoint a representative to the board under certain conditions starting in August 2025. Olshan's team was led by Andrew Freedman, along with Meagan Reda and associates Mark Kiley and Joseph Del Vicario, playing a pivotal role in representing Starboard in this shareholder activism venture.
Sectors
- Private Equity
- Healthcare Industry
- Legal Services
Geography
- United States – The companies involved, including Starboard Value LP, Fortrea Holdings Inc., and Olshan Frome Wolosky LLP, are based in the United States, which is the primary geography of the article.
Industry
- Private Equity – The article involves Starboard Value LP, a significant private equity firm engaging in board representation.
- Healthcare Industry – Fortrea Holdings Inc., the target of the board changes, is presumably involved in the healthcare sector, considering typical engagements of private equity firms like Starboard.
- Legal Services – Olshan Frome Wolosky LLP provided legal advisory services in the agreement, focusing on shareholder activism.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Starboard Value LP | Activist Investor | Company | A private investment firm known for engaging in shareholder activism. |
| Fortrea Holdings Inc. | Target Company | Company | The company whose board is undergoing changes as per the agreement with Starboard Value LP. |
| Olshan Frome Wolosky LLP | Legal Advisor | Company | Law firm advising Starboard Value LP on the agreement with Fortrea Holdings for board changes. |
| Erin L. Russell | Appointed Board Member | Person | The individual appointed to the board of Fortrea Holdings Inc. as part of the agreement with Starboard. |
| Andrew Freedman | Co-Managing Partner | Person | Co-Managing Partner and Chair of the Shareholder Activism Practice at Olshan Frome Wolosky LLP. |
| Meagan Reda | Shareholder Activism Partner | Person | Partner at Olshan Frome Wolosky LLP in the Shareholder Activism practice. |
| Mark Kiley | Associate | Person | Associate at Olshan Frome Wolosky LLP who represented Starboard Value LP. |
| Joseph Del Vicario | Associate | Person | Associate at Olshan Frome Wolosky LLP who assisted in representing Starboard Value LP. |