Activists Revel in Merger Mania

This month alone, at least four companies targeted by activist hedge funds have agreed to acquisitions or are discussing a deal. JANA Partners and Starboard Value are among the winners.

Jeff Smith, chief executive officer and chief investment officer at Starboard Value LP. (David Paul Morris/Bloomberg)

Jeff Smith, chief executive officer and chief investment officer at Starboard Value LP.

(David Paul Morris/Bloomberg)

Well, that was fast.

Less than two weeks after Starboard Value disclosed it owned 9.5 percent of Web.com, a provider of internet services, agreed Wednesday to be acquired by private equity firm Siris Capital Group for about $2 billion in cash. This is Starboard’s second portfolio company acquired this month alone, and at least the third company held by an activist to sign off on a deal or going into play.

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