Starboard Value initiates new position in Integrated Device Technology (IDTI)

Starboard Value just disclosed a 6.5% stake (9,200,000 shares) in IDTI through a newly released Schedule 13D. The transaction took place on April 9th.

Per the Schedule 13D, Starboard gives their reason for purchasing the stake based on their “belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity.”

According to their website, Integrated Device Technology “designs, develops, manufactures, and markets a wide range of integrated circuits for communications, computing, and consumer industries worldwide.”