Tessera (TSRA) Receives Notice for Starboard to Nominate Directors
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Tessera Technologies, Inc. (NASDAQ: TSRA) confirmed receipt from Starboard Value and Opportunity Master Fund Ltd (“Starboard”) of a notice of Starboard’s intent to nominate seven candidates to the Board of Directors at the Company’s 2013 Annual Meeting of Stockholders, which has not yet been scheduled.
“The Nominating Committee and Board of Directors will review the proposed nominees in the ordinary course of our governance and nominating process,” said Robert J. Boehlke, chairman of the Board of Directors. “We are always open to hearing ideas or considering candidates that can help us create value for our stockholders, and we will carefully review the proposed candidates. We share our investors’ sense of urgency in getting the most value from our assets and businesses, which has led us to take strong actions in the past year, including the initiation of a dividend, significant cost reductions, the planned divestiture of non-core assets of DigitalOptics Corporation, and the addition of two new and highly qualified independent Board members.”
The Company noted that, as previously announced, the deadline for nominations to the Board and other matters for the 2013 Annual Meeting of Stockholders remains February 15, 2013. The Company also noted that although Starboard has nominated up to seven candidates, it has not yet announced how many nominees it will actually seek to elect. Starboard has not sought to meet with senior management of the Company since its last such meeting, which took place at the Company’s San Jose headquarters in August 2012.
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“The Nominating Committee and Board of Directors will review the proposed nominees in the ordinary course of our governance and nominating process,” said Robert J. Boehlke, chairman of the Board of Directors. “We are always open to hearing ideas or considering candidates that can help us create value for our stockholders, and we will carefully review the proposed candidates. We share our investors’ sense of urgency in getting the most value from our assets and businesses, which has led us to take strong actions in the past year, including the initiation of a dividend, significant cost reductions, the planned divestiture of non-core assets of DigitalOptics Corporation, and the addition of two new and highly qualified independent Board members.”
The Company noted that, as previously announced, the deadline for nominations to the Board and other matters for the 2013 Annual Meeting of Stockholders remains February 15, 2013. The Company also noted that although Starboard has nominated up to seven candidates, it has not yet announced how many nominees it will actually seek to elect. Starboard has not sought to meet with senior management of the Company since its last such meeting, which took place at the Company’s San Jose headquarters in August 2012.
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