Jeff Smith’s Starboard Value disclosed this morning a 9.8% stake in Magellan Health, which represents over 24M shares. Starboard purchased the shares based on its belief that they “were undervalued and represented an attractive investment opportunity,” according to a filing with the SEC. The filing allows for activism. Shares of Magellan Health are up 5%, or $3.17, to $61.80 in early trading.
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