FINANCIAL TIMES - Starboard Value revealed in July that it had built a 6.6% position in Match Group. Elliott Investment Management, according to S&P Global Market Intelligence, amassed a stake of 4.5% earlier this year and got Match to add two new board members and sign an information-sharing pact. Anson Funds Management, a smaller fund, also has a stake. Activists have good reasons to push for change. Dating apps enjoyed a surge in popularity during Covid-19 but have struggled with a post-pandemic slowdown in growth. At its 2021 peak, Match was worth ~$50B. Its value now stands at just $9.3B. Bumble, which went public in 2021, is down 90 % since its IPO. Match still remains highly cash-generative, with $829M in free cash flow last year. Starboard thinks there is an upside if Match can turn around Tinder, cut costs and ramp up buybacks. The activist sees potential in Hinge. However, it also urged Match to consider selling itself if it cannot revitalize the business.
See full article at Financial Times
See the top news on Match Group See the top news on Tinder
See the top news on Hinge See the top news on Bumble
