Starboard Value discloses 8.5% activist stake in Bill.com

In a regulatory 13D filing, the company states: “The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable. The Reporting Persons intend to nominate a slate of highly qualified director candidates for election to the Issuer’s Board of Directors (the “Board”) at the Issuer’s 2025 Annual Meeting of Stockholders. The Reporting Persons have engaged, and expect to continue to engage in, discussions with management and the Board regarding opportunities for value creation, Board representation and the composition of the Issuer’s Board, generally.”