Starboard Remains Open To Reaching Constructive Resolution With Board Of GoDaddy

(RTTNews) - Starboard Value LP has delivered a letter to GoDaddy, stating that the company is deeply undervalued. Starboard said it remains open to reaching a constructive resolution with the Board and believes GoDaddy Would benefit from direct shareholder representation on the Board.

"We remain open to finding a constructive solution, but we do believe changes are needed. We look forward to meeting with you next week to discuss these and other topics," Starboard Value said.

Starboard Value noted that, based on consensus estimates, GoDaddy is expected to underperform its Investor Day targets by a greater margin in 2024. Starboard believes GoDaddy can drive significant margin improvement by reducing expenses in multiple cost centers, with the greatest opportunity in Technology & Development expenses.

Starboard Value LP currently beneficially owns approximately 7.8% of the outstanding common stock of GoDaddy, making it the third largest shareholder.