Activist investor Starboard takes new position in Shake Shack, Bloomberg News reports

Activist investor Starboard takes new position in Shake Shack, Bloomberg News reports

Aug 5 (Reuters) – Activist investor Starboard Value has built ​a new ​stake in Shake Shack, ⁠Bloomberg News reported ​on Wednesday, citing the ​hedge fund’s CEO Jeff Smith.

Shares of the company rose ​11% in ​afternoon trading.

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Starboard has a position ‌of ⁠several hundred million dollars in Shake Shack, Smith said ​in ​an ⁠interview on Bloomberg TV.

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Starboard and ​Shake Shack ​did ⁠not immediately respond to Reuters request ⁠for ​comment.

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VoM News Desk

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