Key facts
- Activist investor Starboard Value has taken a new position in Shake Shack.
- The stake is reportedly worth several hundred million dollars.
- Shake Shack shares increased by 11% in afternoon trading following the news.
Activist investor Starboard Value has established a new stake in Shake Shack, according to a report by Bloomberg News citing Starboard CEO Jeff Smith. The size of the position is estimated to be several hundred million dollars. Following the news, Shake Shack's stock price saw an increase of 11% in afternoon trading. Neither Starboard nor Shake Shack immediately responded to requests for comment.