Deals
Starboard Takes Stake in Green Dot and Might Push for Tie-Up
- Activist discloses 9.3% stake in firm with $1.64 billion value
- Green Dot welcomes ‘transparent, constructive feedback’
A Green Dot prepaid debit cards.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
Activist investor Starboard Value has built a position in Green Dot Corp. and may push for changes including a potential merger at the prepaid debit card company.
The New York-based hedge fund, which disclosed a 9.3% stake in Green Dot on Monday, said in a regulatory filing that it may also push for operational changes to improve its performance. The company has a market value of $1.64 billion after its shares have fallen 58% in the past year. It’s searching for a new chief executive officer after its co-founder, Steve Streit, stepped down in December.