Left to its own devices and absent external pressure, it did not appear that the Board would take such initiative on its own to address the Company's many deficiencies and shortcomings. Starboard therefore undertook, on behalf of shareholders, an intensive process to identify a world-class slate of director candidates committed to executing a thorough strategic turnaround at Tessera. The Board was in disarray and extremely dysfunctional, high levels of turnover persisted at the executive ranks, and there was no end in sight for the extended period of dramatic financial and stock price underperformance that we as shareholders had been forced to endure for far too long.
Just a few short months ago, Tessera was severely broken. As you know, we are one of the largest shareholders of Tessera and our interests are directly aligned with yours. As we have continually communicated to you through detailed letters and presentations, we believe we have put forth a superior slate of director nominees and a highly credible action plan to put Tessera back on track towards long-term value creation. Open Letter to Shareholders of Tessera Technologies, Inc.Īs you know, we are about one week away from Tessera's 2013 Annual Meeting where shareholders will have the chance to elect a new Board of Directors.
#Tessera technologies inc. prices full#
The full text of the letter is included below: (Nasdaq: TSRA) ("Tessera" or the "Company") with approximately 7.7% of the outstanding common stock of the Company, today has issued an open letter to Tessera shareholders following an announcement yesterday by Amici Capital, LLC ("Amici Capital"), the Company's largest shareholder, that Amici Capital is supporting the election of all six of Starboard's highly qualified director candidates at the upcoming Annual Meeting. NEW YORK, /PRNewswire/ - Starboard Value LP (together with its affiliates, "Starboard"), one of the largest shareholders of Tessera Technologies, Inc.
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