Concerned by Poor Operating Performance and Recent Pattern of Events
Believes Zayo is Deeply Undervalued and Multiple Paths Exist to Unlock Value
Supports Full and Fair Process to Explore Strategic Alternatives
Believes if Zayo Remains a Public Company, Substantial Changes May be Needed in Order to Improve Performance and Corporate Governance
NEW YORK, March 7, 2019 /PRNewswire/ -- Starboard Value LP (together with its affiliates, "Starboard"), one of the largest shareholders of Zayo Group Holdings, Inc. (ZAYO) ("Zayo" or the "Company"), with an ownership interest of approximately 4.0% of the Company's outstanding shares, today announced that it has delivered a letter to Dan Caruso, Zayo's Chairman and Chief Executive Officer, with copies to the Company's Board of Directors (the "Board").
The full text of Starboard's letter to the CEO and Board can be viewed at the following link:
About Starboard Value LP
Starboard 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.
Peter Feld, (212) 201-4878
Tom Cusack, (212) 201-4814