Activist Corvex acquires stake in Fortrea Holdings, Bloomberg reports

Corvex Management has acquired a stake in Fortrea Holdings (FTRE), the clinical trials business that was spun out off Labcorp (LH), Bloomberg’s Crystal Tse and Yiqin Shen report. Corvex CIO Keith Meister claims that the company could be worth $25-$27 per share once it improves its EBITDA margin, the authors note, citing a presentation at the 13D Monitor Active Passive Investor Summit. The activist investor added that Fortrea should weigh selling non-core assets, the authors say.