Starboard Delivers Letter to Cars.com Board of Directors
Believes Cars.com Is Deeply Undervalued and Has Substantial Opportunity for Operational Improvement Urges the Board to Set Financial Targets That Reflect the True Earnings Potential of the Company and to Set a Plan to Improve Execution to Reach Such Targets Believes Cars.com Should Generate Approximately $4 per Share of Adjusted Free Cash Flow by the End of 2020 Urges the Board to Take All Actions Necessary to Ensure That Shareholder Value is Maximized, Including Exploring a Potential Sale of the Company
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E-mailNEW YORK, Dec. 10, 2018 /PRNewswire/ -- Starboard Value LP (together with its affiliates, "Starboard"), one of the largest shareholders of Cars.com Inc. (NYSE: CARS) ("CARS" or, the "Company") today announced that it has delivered a letter to Scott Forbes, Chairman of the Company's Board of Directors (the "Board"), and to CEO Alex Vetter, with copies to the Board.
The full text of Starboard's letter to the Chairman of the Board can be viewed at the following link:
About Starboard Value LPStarboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to investing primarily in publicly traded U.S. companies. Starboard invests in deeply undervalued companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.
Investor contacts:Peter Feld, (212) 201-4878Tom Cusack, (212) 201-4814 www.starboardvalue.com
View original content:http://www.prnewswire.com/news-releases/starboard-delivers-letter-to-carscom-board-of-directors-300762936.html
SOURCE Starboard Value LP
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