UPDATE 2-Starboard builds stake in Zayo, presses for sale [Reuters]
ZAYO GROUP HOLDINGS INC (ZAYO)
Last zayo group holdings inc earnings: 2/4 04:01 pm
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Source: Reuters
Starboard builds stake in Zayo, presses for sale | Reuters 4 Min Read (Reuters) - Activist hedge fund Starboard Value LP has amassed a 4 percent stake in Zayo Group Holdings Inc and is asking the U.S. communications infrastructure provider to consider a sale, according to a letter sent by Starboard to Zayo on Thursday. Starboard’s letter comes after Zayo on Wednesday canceled its March 14 analyst day and said it was evaluating all its options, sending its shares up 13 percent. In response to the hedge fund’s letter, Zayo said it is open to the views of shareholders. The company said that while it does not comment on discussions with specific shareholders, the board is in active dialogue with many of its top investors. Zayo has lost a quarter of its market value in the last 12 months amid anemic revenue growth and heavy capital expenditure. Starboard, which has been in contact with Zayo over the past several months, believes a sale of the company may be the best option for shareholders
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