Activist hedge fund Starboard Value LP and related entities acquired a 9.4% stake in Web.com Group Inc., representing 4,630,579 shares of the company's common stock.
In a Schedule 13D filed June 8, the investor group said it viewed the share as "an attractive investment opportunity" at current values. It also said it may, at a later date, communicate with the company's management about its investment in the company and recommended strategic proposals.
Web.com said in a statement that it is open to "constructive dialogue" with Starboard.
