This case examines the challenges faced by Box, a cloud content management company, as it navigated an activist investor campaign by Starboard Value. In September 2019, Starboard took a significant stake in Box, pressuring its leadership to improve financial performance and explore strategic alternatives, including a potential sale of the company. Box’s management team, led by CEO Aaron Levie and CFO Dylan Smith, faced the challenge of responding to the activist campaign while maintaining the company’s long-term vision. The case describes the course of the activist campaign, including negotiations, a partnership with KKR, and a proxy battle. The case prompts students to analyze management decision-making in the face of activist pressure.
