Activist investor Starboard Value takes 7.7% stake in chipmaker Qorvo
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(Reuters) - Starboard Value has built a 7.7% stake in Qorvo, the chipmaker revealed in a filing on Friday, as the activist investor looks to boost the company's weak share price.
Shares of the company rose over 7% in premarket trading.
The Apple supplier has been grappling with stiff competition and slowing orders for its smartphone chips as consumers gravitate towards entry-tier smartphones, while larger rivals such as Broadcom and Qualcomm benefit from a recovery in the Chinese smartphone market.
Starboard's stake in Qorvo is worth more than $500 million, as of the stock's last closing price on Thursday.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Krishna Chandra Eluri)