Corvex Takes Fortrea Stake Following Activist Starboard (1)

Corvex Management LP has taken a stake in Fortrea Holdings Inc., a clinical trials management company that was spun out of Labcorp Holdings Inc.

The activist investor contends the company could be worth $25 to $27 a share once it improves its margin on earnings before income, taxes, depreciation and amortization, said Corvex Chief Investment Officer Keith Meister.

Fortrea should also consider selling non-core assets, Meister said during a presentation at the 13D Monitor Active Passive Investor Summit on Tuesday.

The company could either improve its margins or become a target for buyers including financial sponsors, Meister said. ...