Box wins proxy battle with Starboard Value
Box won its proxy fight with hedge fund Starboard Value, which had nominated three directors, sought to oust CEO Aaron Levie and opposed a $500 million investment from KKR.
Why it matters: Activist investors rarely lose when they go up against tech companies, either getting what they want via shareholder votes or settlements. Box's success, partially enabled by KKR's deep pockets, could represent a sea change; at least in terms of tech company confidence.
Cap table: Starboard continues to hold an 8.4% stake in Box.
The bottom line: "This appears to be the first proxy fight Starboard has lost ... since AOL in 2012," CNBC writes.