Shares of Algonquin Power & Utilities Corp. AQN were up 1.6% in Friday’s premarket trading after Starboard Value LP disclosed a 5% stake in the company. Jeffrey Smith’s Starboard Value has amassed a position of 34.1 million shares of the energy and water-solutions company, according to a Friday morning filing with the Securities and Exchange Commission.
6% in Friday’s premarket trading after Starboard Value LP disclosed a 5% stake in the company. Jeffrey Smith’s Starboard Value has amassed a position of 34.1 million shares of the energy and water-solutions company, according to a Friday morning filing with the Securities and Exchange Commission. While Starboard disclosed the 5% stake, it also said in the 13-D filing that it has “economic exposure to an aggregate of 51,413,000 shares due to certain cash-settled total return swap agreements.