Reuters reveals Huntsman Corp beats Starboard’s board challenge, shares tumble

Shares of Huntsman Corp dropped 13% after Reuters was first to report hedge fund Starboard Value LP lost a fight to replace four directors at the U.S. specialty chemicals company. Starboard, which owns 8.8% of Huntsman, argued that the chemicals manufacturer needs a shake-up to improve its financial performance. The hedge fund also said the company’s board was captive to CEO Peter Huntsman, whose father founded the company in 1982.