On January 13, 2022, Starboard Value LP delivered an open letter to the board of directors of Mercury Systems, Inc. raising its concerns with the Company's recently adopted shareholder rights plan and asking the Company to immediately eliminate, or alternatively, revise the rights plan. In the letter, Starboard Value asks that the Company immediately eliminate the rights plan. Alternatively, if the Company is unwilling to fully remove the rights plan, it would expect the Company to, (1) raise the ownership threshold which triggers the rights plan from 7.5% (or 10% in the case of a passive investor) to 15% for all shareholders and (2) thereafter put the rights plan to a vote of all shareholders.

Starboard Value added that it looks forward to continuing to engage with the Company to help unlock the value.