Shares of Huntsman (HUN) - Get Huntsman Corporation Report jumped after activist investor Starboard Value took an 8.4% stake, which would be valued at more than $500 million, in the chemicals producer.
Starboard plans to seek changes to improve the company's stock performance, The Wall Street Journal reported.
Starboard said the shares are undervalued. The exact nature of the intended changes is unclear.
Shares of Huntsman at last check were 5% higher at $29.47. They'd closed Monday's session up 4.3%.
They touched a 52-week high $32.35 on May 10. Year to date, the stock is up more than 11% and over the past 12 months, it's up more than 30%.
Starboard Value has a history of pushing for big changes at the firms it invests in -- but it isn't always successful.
Earlier this month, Box Inc. (BOX) - Get Box, Inc. Class A Report was able to successfully fend off Starboard's bid to take over the company's board. Box's slate of directors defeated Starboard's in a vote.
“We are certainly disappointed by the results of this election, which were heavily skewed by the voting rights tied to the preferred equity financing and the use of stockholder capital to aggressively repurchase shares ahead of the record date from stockholders likely to support change," Starboard's managing director, Peter Feld, said.