Starboard buys 5.7 percent stake in Parexel, joining other activists [Reuters]
PAREXEL INTL (PRXL)
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Source: Reuters
Starboard buys 5.7 percent stake in Parexel, joining other activists n"Activist investor Starboard Value LP reported a 5.7 percent stake in Parexel International Corp ( PRXL.O ) on Thursday, saying the U.S. contract research firm's shares were "undervalued" and represented an attractive investment opportunity. Starboard is the third activist hedge fund to buy into Parexel's stock and the move places added pressure on Parexel to complete a successful sale of its business to a rival or a private equity firm. Corvex Management LP, another prominent activist investor, owns a significant stake in Parexel as well, according to people familiar with the matter, and also believes the company should sell itself. Corvex declined to comment. Jana Partners is the third activist fund invested in the company, owning a $49 million stake as of Dec. 31, according to its quarterly filing. Jana, which is the company's 17th largest shareholder as of last quarter, has yet to speak about the stake publicl
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