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Equity investor Starboard Value fails to stop Autodesk (NASDAQ:ADSK) The shareholder vote will take place next month.
Autodesk (ADSK) confirmed it will hold its annual meeting on July 16 following a Delaware judge’s decision, according to a statement Thursday.
Delaware Chancery Court Judge Paul Fioravanti ruled Thursday that Starboard failed to show it would be irreparably harmed if the vote were held without Starboard candidates, according to a Bloomberg report of the hearing. .
“Autodesk is always open to input from investors and remains committed to delivering sustainable shareholder value,” the company said in a statement.
The ruling comes after Starboard confirmed on Monday that it had taken a $500 million stake in design software maker Autodesk (ADSK). The activist is pushing Autodesk to increase profit margins and reform its board of directors.
In private discussions with Autodesk (ADSK), Starboard criticized the company for not disclosing accounting investigations and other material updates until the window for company shareholders to nominate director candidates closed in late March, the Wall Street Journal first reported on Sunday.
