Starboard lines up board nominees for Knife River, sources say
Activist Starboard Value is preparing director nominations at Knife River and pushing for higher margins or a sale, Reuters reported citing people familiar with the matter.
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what happened
Starboard Value is preparing to nominate directors to the board of construction materials company Knife River, Reuters reported, citing people familiar with the matter. The activist wants management to lift margins to 22% by fiscal 2029 or put the company up for sale. The fund recently built a significant stake in the firm, which has a market value of $2.8 billion and whose shares have fallen 24% over the past 12 months.
In response to the letter, Knife River said it remains focused on margin expansion and profitable growth. Sources said the reply did not address Starboard's concerns, as rivals have reached margins of roughly 30%, while Knife River reported about 15% for the quarter ended June 30. The fund has already lined up some candidates and is still looking for others.
why it matters
For investors, the story is a reminder of how activists pressure undervalued building materials companies. A board change or sale could affect Knife River's shares, but for now these are only the fund's intentions.
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sources
- Activist Starboard prepares to nominate directors at Knife River, sources say — Reuters, 19 October 2026 at 20:05 UTC
- Activist Starboard prepares to nominate directors at Knife River — Reuters, 19 October 2026 at 20:39 UTC
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