Starboard Value LP Amends GoDaddy Stake, Signals Ongoing Activism
Ticker: GDDY · Form: SC 13D/A · Filed: Jan 31, 2024 · CIK: 1609711
| Field | Detail |
|---|---|
| Company | Godaddy Inc. (GDDY) |
| Form Type | SC 13D/A |
| Filed Date | Jan 31, 2024 |
| Risk Level | medium |
| Pages | 12 |
| Reading Time | 15 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | mixed |
Complexity: simple
Sentiment: mixed
Topics: activist-investing, insider-activity, corporate-governance, amendment
TL;DR
**Starboard Value is still actively involved with GoDaddy, expect potential changes!**
AI Summary
Starboard Value LP, an activist investor, filed Amendment No. 4 to its Schedule 13D on January 31, 2024, regarding its stake in GoDaddy Inc. This amendment updates previous filings, indicating ongoing engagement or changes in their investment strategy. For GoDaddy shareholders, this matters because Starboard Value is known for pushing for operational and strategic changes, which could impact the company's future direction, profitability, and ultimately, stock performance.
Why It Matters
Starboard Value's continued filing of amendments suggests active involvement, which could lead to significant corporate actions or changes at GoDaddy, potentially affecting its stock value.
Risk Assessment
Risk Level: medium — Activist investor involvement can lead to significant strategic shifts, which carry both upside potential and execution risks for the company and its shareholders.
Analyst Insight
An investor should monitor GoDaddy's upcoming announcements and earnings calls for any signs of strategic shifts or new board appointments that could be influenced by Starboard Value LP's ongoing involvement.
Key Numbers
- 380237107 — CUSIP Number (identifies GoDaddy Inc.'s Class A Common Stock)
- 0001609711 — GoDaddy Inc. CIK (Central Index Key for GoDaddy Inc.)
- 0001517137 — Starboard Value LP CIK (Central Index Key for Starboard Value LP)
Key Players & Entities
- Starboard Value LP (company) — the activist investor filing the amendment
- GoDaddy Inc. (company) — the subject company in which Starboard Value LP holds a stake
- Jeffrey C. Smith (person) — contact person for Starboard Value LP
- Olshan Frome Wolosky LLP (company) — legal counsel for Starboard Value LP
- Class A Common Stock (other) — the type of securities held by Starboard Value LP in GoDaddy Inc.
Forward-Looking Statements
- Starboard Value LP will continue to engage with GoDaddy's management or board to advocate for strategic changes. (GoDaddy Inc.) — high confidence, target: Within the next 6-12 months
- GoDaddy Inc. may announce new initiatives or operational changes in response to activist pressure. (GoDaddy Inc.) — medium confidence, target: Within the next 12 months
FAQ
What is the purpose of this specific filing?
This filing is Amendment No. 4 to the Schedule 13D, indicating an update to previously disclosed information regarding Starboard Value LP's beneficial ownership and intentions concerning GoDaddy Inc. as of January 31, 2024.
Who is the filer of this Schedule 13D/A?
The filer of this Schedule 13D/A is Starboard Value LP, an investment firm located at 777 Third Avenue, 18th Floor, New York, New York 10017.
What is the subject company of this filing?
The subject company is GoDaddy Inc., with its business address at 2155 E. GoDaddy Way, Tempe, AZ 85284.
What type of securities are involved in this filing?
The securities involved are Class A Common Stock, par value $0.001 per share, of GoDaddy Inc.
When was the event that triggered this amendment?
The date of the event which required the filing of this statement was January 31, 2024.
Filing Stats: 3,661 words · 15 min read · ~12 pages · Grade level 18.7 · Accepted 2024-01-31 09:00:26
Key Financial Figures
- $0.001 — ssuer) Class A Common Stock, par value $0.001 per share (Title of Class of Securiti
Filing Documents
- sc13da406297315_01312024.htm (SC 13D/A) — 543KB
- ex991to13da406297315_013124.pdf (SC 13D/A) — 213KB
- 0000921895-24-000162.txt ( ) — 838KB
Purpose of Transaction
Item 4. Purpose of Transaction .
is hereby amended
Item 4 is hereby amended to add the following: On January 31, 2024, Starboard Value LP delivered a letter to the Issuer, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Material to be Filed as Exhibits
Item 7. Material to be Filed as Exhibits .
is hereby amended
Item 7 is hereby amended to add the following exhibit: 99.1 Letter to the Issuer’s CEO and CFO, dated January 31, 2024. 23 CUSIP No. 380237107
SIGNATURES
SIGNATURES After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: January 31, 2024 STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD By: Starboard Value LP, its investment manager STARBOARD VALUE AND OPPORTUNITY S LLC By: Starboard Value LP, its manager STARBOARD VALUE AND OPPORTUNITY C LP By: Starboard Value R LP, its general partner STARBOARD VALUE R LP By: Starboard Value R GP LLC, its general partner STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP By: Starboard Value L LP, its general partner STARBOARD VALUE L LP By: Starboard Value R GP LLC, its general partner STARBOARD G FUND, L.P. By: Starboard Value G GP, LLC, its general partner STARBOARD P FUND LP By: Starboard Value P GP LLC, its general partner STARBOARD VALUE P GP LLC By: Starboard Value R LP, its member STARBOARD VALUE G GP, LLC By: Starboard Value A LP, its managing member STARBOARD VALUE A LP By: Starboard Value A GP LLC, its general partner STARBOARD X MASTER FUND LTD By: Starboard Value LP, its investment manager STARBOARD X MASTER FUND LTD By: Starboard Value LP, its investment manager STARBOARD VALUE LP By: Starboard Value GP LLC, its general partner STARBOARD VALUE GP LLC By: Starboard Principal Co LP, its member STARBOARD PRINCIPAL CO LP By: Starboard Principal Co GP LLC, its general partner STARBOARD PRINCIPAL CO GP LLC STARBOARD VALUE A GP LLC STARBOARD VALUE R GP LLC 24 CUSIP No. 380237107 By: /s/ Jeffrey C. Smith Name: Jeffrey C. Smith Title: Authorized Signatory /s/ Jeffrey C. Smith JEFFREY C. SMITH Individually and as attorney-in-fact for Peter A. Feld 25