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Jeffrey Smith, Starboard Value Go Activist on TriQuint Semiconductor (TQNT) and Propose New Directors on the Board

Jeffrey Smith and his fund Starboard Value disclosed, in a newly amended filing with the Securities and Exchange Commission, a letter sent to the board of TriQuint Semiconductor (NASDAQ:TQNT). Starboard expressed its concern with the TriQuint’s underperformance, relating it to the direction of the current management of the company.

Jeff Smith

“We believe substantial change is needed on the Board to ensure that appropriate actions are taken to improve execution, drive better financial performance and create value for all shareholders,” Starboard said.

In this way, the fund proposes new directors to be elected to the company’s board, nominating four people as potential candidates. They will be proposed for election at the 2014 annual meeting of TriQuint Semiconductor (NASDAQ:TQNT)’s shareholders.

The full text of the letter can be accessed via the link below:

Starboard Value Letter to TriQuint Semiconductor December

Starboard together with its affiliates hold around 7.8% of TriQuint Semiconductor (NASDAQ:TQNT)’s common stock, according to the filing. The position amasses 12.6 million shares, slightly below 12.8 million disclosed by Starboard in an earlier filing.

Earlier, at the end of October, Starboard sent another letter to the board stating that TriQuint’s stock is undervalued and does not fully reflect the value of the company’s businesses, especially the Mobile Power Amplifier branch, and Networks & Defense and Bulk Acoustic Wave.

TriQuint’s strong, growing, and highly profitable Networks & Defense and Bulk Acoustic Wave (BAW) Filter businesses together make up approximately half of the Company’s revenue, but we believe they account for more than 100% of the Company’s profits,” the fund said.

The previous letter can also be accessed through the link below:

Starboard Value Letter to TriQuint Semiconductor October

The stock of TriQuint Semiconductor (NASDAQ:TQNT) has returned over 60% since the beginning of the year. Jeff Smith’s Starboard Value has upped the position in the company, after disclosing around 8.3 million shares in its latest 13F.

Fisher Asset Management, run by Ken Fisher is another major shareholder of TriQuint Semiconductor (NASDAQ:TQNT), disclosing a $52.3 million stake, which amasses 6.4 million shares in its latest 13F.

Disclosure: none

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