Investor Starboard asks chipmaker TriQuint to consider unit sale
Oct 29 (Reuters) - Activist investor Starboard Value LP asked TriQuint Semiconductor Inc to consider selling or restructuring its mobile power amplifier business, which it says is dragging down the radio frequency chipmaker's share price.
TriQuint shares were up nearly 4 percent on the Nasdaq on Tuesday morning.
"We have communicated our desire to immediately begin conversations with TriQuint's board regarding both strategy and board composition," Starboard's managing member Jeffrey Smith wrote in a letter to TriQuint Chief Executive Ralph Quinsey. ()
Starboard said it owned about 8 percent of the company's shares, making it one of TriQuint's largest shareholders.
TriQuint's stock was up at $7.61.