正在准备提名董事候选人，以在积极投资者加大对建筑公司盈利能力改善或出售的压力下，选举其加入Knife River Corp（KNF.N）董事会，相关人士表示。
Value is preparing to nominate directors for election to the board of Knife River Corp (KNF.N) as the activist investor steps up pressure on the construction company to improve its profit margins or put itself up for sale, people familiar with the matter said.
这家对冲基金是行业最活跃的积极投资者之一，近期在北达科他州首府巴尔辛顿收购了该公司的重大股份，并敦促管理层将其利润率提升至2029财年22%。该公司市值为28亿美元，过去12个月股价下跌24%，截至6月30日止季度的利润率约为15%。
The hedge fund, one of the industry's busiest activists, recently acquired a significant stake in Bismarck, North Dakota, headquartered Knife River and has urged management to boost its margins to 22% by fiscal year 2029. The company, which has a market value of $2.8 billion and has seen its stock price drop 24% over the last 12 months, reported margins of about 15% for the quarter that ended June 30.
上个月，Starboard首次公布其在Knife River的新投资，其管理合伙人、首席执行官兼首席投资官Jeffrey Smith向Knife River CEO Brian Gray及董事会表示，希望看到“明确的计划、明确的问责机制以及针对多年低迷表现的果断行动”。公司在回应函件中表示，仍专注于扩大利润率和实现盈利增长，并对现有管理层和战略充满信心。
Starboard first unveiled its new investment in Knife River last month, with Jeffrey Smith, Starboard's managing member, Chief Executive and Chief Investment Officer, telling Knife River CEO Brian Gray and its board that he wants to see a "clear plan, defined accountability, and decisive action to address years of underperformance." The company responded to the letter in a filing, saying that it remains focused on margin expansion and profitable growth, and confident in both its existing leadership and strategy.
回应函件未针对Starboard的核心关切，尤其是在当前Knife River竞争对手的利润率已扩大至约30%的情况下，缺乏具体实现利润率提升的方案细节。相关人士表示，该对冲基金已准备好采取新行动。
The reply did not address Starboard's concerns though, in particular in absence of more details on how to achieve the margin improvement at a time when Knife River's rivals have expanded their margins to roughly 30%. Starboard is now ready to take fresh action, said the people who are familiar with the hedge fund's thinking.
基金已筹备好部分董事候选人，并正继续寻找其他可提名的董事，相关人士表示。
The fund has already lined up some director candidates, and is continuing to identify others it could nominate to the company's board, the people said.
Knife River公司目前拥有七名董事，其业务涉及提供碎石、砂石和石子，以及制造和交付适用于商业、住宅及大型公共项目的预拌混凝土，公司官网显示。
Knife River, which supplies crushed stone, sand, and gravel and manufactures and delivers ready-mix concrete for commercial, residential, and large-scale public projects, currently has seven directors, according to its website.
Starboard公司的史密斯（Smith）计划于周二在纽约举行的年度“13D Monitor Active-Passive Investor Summit”会议上发表演讲，会上他将详细介绍该公司的一些投资策略。
Starboard's Smith is scheduled to address the annual 13D Monitor Active-Passive Investor Summit in New York on Tuesday where he discusses in detail some of the firm's investments.
Starboard公司经常提名董事候选人，以推动表现不佳的公司的运营或战略调整。
Starboard often nominates director candidates to push for operational or strategic changes at underperforming companies.
史密斯于2025年初加入了Kenvue（KVUE.N）的董事会，该公司随后被出售；而Starboard公司的首席研究员兼管理成员彼得·费尔德（Peter Feld）则于一年前加入了BILL Holdings（BILL.N）的董事会。
Smith joined the board of Kenvue (KVUE.N) in early 2025 before it was sold, and Peter Feld, Starboard's managing member, Head of Research, joined the board of BILL Holdings (BILL.N) a year ago.