Starboard Value has taken a $1 billion stake in drugmaker Pfizer.
The hedge fund, headed by Jeff Smith, has become one of the most feared activist investors.
AdvertisementPharmaceuticals giant Pfizer got a wake up call Sunday evening when one of Wall Street's most feared activist investors revealed a stake in the company.
AdvertisementPfizer, with a market cap north of $160 billion, is among the largest companies Starboard's Smith has ever targeted.
With less than a 10% stake Smith replaced the entire 12-person board and assumed the role of chairman.
Persons:
Jeff Smith, —, Smith, Starboard's Smith, Ian Read, Frank D'Amelio, Ken Squire, Paul Singer, Elliott, Carl Icahn, Dan Loeb, Peter Feld, Olive Garden's, Marc Benioff, Brontë Wittpenn, Brontë, Squire, they're, Albert Bourla, Bourla, wagered
Organizations:
Pfizer, Service, Pharmaceuticals, 13D, Investor, Lazard, Elliott Management, Icahn Enterprises, Cowen Group, AOL, Darden Restaurants, Olive Garden, Longhorn, Darden, Wall, San Francisco, Getty, Smithfield Foods, Bristol, Myers Squibb, Celgene, Autodesk, Starbucks
Locations:
Olive Garden, Fortune, America, Olive, Washington