Starboard Value Takes Stake in Match Group

TL;DR

**Starboard Value is in Match Group. Expect changes.**

AI Summary

Starboard Value LP, an investment firm led by Jeffrey C. Smith, has disclosed a significant stake in Match Group, Inc. as of July 15, 2024. The filing indicates Starboard Value LP's intention to engage with the company's management and board regarding strategic matters.

Why It Matters

Activist investor Starboard Value's involvement suggests potential changes in Match Group's strategy or management, which could impact the company's stock performance.

Risk Assessment

Risk Level: medium — Activist investor involvement often leads to increased volatility and uncertainty for the target company's stock.

Key Players & Entities

• Starboard Value LP (company) — Activist investor filing a Schedule 13D
• Jeffrey C. Smith (person) — Key individual associated with Starboard Value LP
• Match Group, Inc. (company) — Subject company of the filing
• IAC/INTERACTIVECORP (company) — Former company name of Match Group, Inc.

FAQ

Key Financial Figures

• $0.001 — Inc. (Name of Issuer) Common Stock, $0.001 par value (Title of Class of Securitie
• $288,042,019 — y owned by Starboard V&O Master Fund is $288,042,019.87, excluding brokerage commissions (in
• $176,475,287.94 — luding brokerage commissions (including $176,475,287.94 paid as consideration for Starboard V&O
• $16,151,504 — ficially owned by Starboard L Master is $16,151,504.38, excluding brokerage commissions. Th
• $37,568,053 — eneficially owned by Starboard S LLC is $37,568,053.48, excluding brokerage commissions. Th
• $29,136,819 — beneficially owned by Starboard C LP is $29,136,819.75, excluding brokerage commissions. Th
• $96,635,470 — ficially owned by Starboard X Master is $96,635,470.94, excluding brokerage commissions. Th
• $50,990,898 — ed by the Starboard Value LP Account is $50,990,898.34, excluding brokerage commissions. Th
• $40,565,663 — beneficially owned by Starboard P LP is $40,565,663.39, excluding brokerage commissions (in
• $38,879,558.18 — luding brokerage commissions (including $38,879,558.18 paid as consideration for Starboard P L
• $32,720,882 — beneficially owned by Starboard G LP is $32,720,882.64, excluding brokerage commissions. I

Filing Documents

• p24-2369sc13d.htm (SC 13D) — 378KB
• p24-2369exhibit992.htm (EX-99.2) — 4KB
• p24-2369exhibit993.htm (EX-99.3) — 11KB
• p24-2369exhibit991.htm (EX-99) — 20KB
• image_001.jpg (GRAPHIC) — 5KB
• image_002.jpg (GRAPHIC) — 105KB
• image_003.jpg (GRAPHIC) — 60KB
• image_004.jpg (GRAPHIC) — 81KB
• image_005.jpg (GRAPHIC) — 65KB
• image_006.jpg (GRAPHIC) — 5KB
• 0000902664-24-004719.txt ( ) — 853KB

From the Filing

SC 13D 1 p24-2369sc13d.htm SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________ SCHEDULE 13D INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) Under the Securities Exchange Act of 1934 (Amendment No. )* Match Group, Inc. (Name of Issuer) Common Stock, $0.001 par value (Title of Class of Securities) 57667L107 (CUSIP Number) JEFFREY C. SMITH STARBOARD VALUE LP 777 Third Avenue, 18th Floor New York, New York 10017 (212) 845-7977 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) July 8, 2024 (Date of Event which Requires Filing of this Schedule) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. ¨ NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent. (Continued on following pages) (Page 1 of 32 Pages) ______________________________ * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 (the " Act ") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. 57667L107 SCHEDULE 13D Page 2 of 32 Pages 1 NAME OF REPORTING PERSON Starboard Value LP 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ¨ (b) ¨ 3 SEC USE ONLY 4 SOURCE OF FUNDS OO 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ¨ 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: 7 SOLE VOTING POWER 17,641,850 8 SHARED VOTING POWER -0- 9 SOLE DISPOSITIVE POWER 17,641,850 10 SHARED DISPOSITIVE POWER -0- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 17,641,850* 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.6% 14 TYPE OF REPORTING PERSON PN *Includes 6,351,570 shares of Common Stock underlying the Current Forward Contracts (as defined below) exercisable within 60 days hereof. CUSIP No. 57667L107 SCHEDULE 13D Page 3 of 32 Pages 1 NAME OF REPORTING PERSON Starboard Value and Opportunity Master Fund LTD 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ¨ (b) ¨ 3 SEC USE ONLY 4 SOURCE OF FUNDS WC 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ¨ 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: 7 SOLE VOTING POWER 8,469,134 8 SHARED VOTING POWER -0- 9 SOLE DISPOSITIVE POWER 8,469,134 10 SHARED DISPOSITIVE POWER -0- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,469,134* 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.2% 14 TYPE OF REPORTING PERSON CO *Includes 5,147,080 shares of Common Stock underlying the Current Forward Contracts exercisable within 60 days hereof. CUSIP No. 57667L107 SCHEDULE 13D Page 4 of 32 Pages 1 NAME OF REPORTING PERSON Starboard Value and Opportunity Master Fund L LP 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ¨ (b) ¨ 3 SEC USE ONLY 4 SOURCE OF FUNDS WC 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ¨ 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: 7 SOLE VOTING POWER 468,907 8 SHARED VOTING POWER -0- 9 SOLE DISPOSITIVE POWER 468,907 10 SHARED DISPOSITIVE POWER -0- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 468,907 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.2% 14 TYPE OF REPORTING PERSON PN CUSIP No. 57667L107 SCHEDULE 13D Page 5 of 32 Pages 1 NAME OF REPORTING PERSON Starboard Value and Opportunity S LLC 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ¨ (b) ¨ 3 SEC USE ONLY 4 SOUR

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