Stock Market & Financial Investment News

News Breaks March 8, 2013 16:58 EDT DSPG DSP Group issues letter to shareholders regarding potential proxy contest DSP Group issued the following letter to its shareholders: "Dear Fellow Shareholders: We are writing to let you know about an important development that is likely to have a significant impact upon DSP Group and its future. Over the past twelve months, your board and management have been actively taking steps to enhance shareholder value. We have restructured the company, cut expenses, resumed non-GAAP profitability, generated $10M in cash flow from operations, continued our stock buyback program and focused on new growth initiatives that fully leverage the company's core strengths in voice processing and short range wireless communications [...] Despite this progress, Starboard Value, a New York-based investment advisor which owns approximately 10% of the company's shares, has threatened the company with a proxy fight for control of the board unless its demands are met[...] Even though they already have their two nominees on your board, Starboard is demanding extra seats on the board, significant presence on all board committees, majority on one committee, as well as the formation of a new board committee, comprised of a majority of Starboard nominees, which may have broad powers [...] We remain firm that turning control of the company over to a board representing a single shareholder holding only approximately 10% of the company's outstanding shares, would not be in the best interests of the company, its shareholders or the goal of maximizing shareholder value, especially when you consider that Starboard's expertise is in investing for short- to medium-term returns and not in the long-term management of a technology company with global operations." News For DSPG From The Last 14 Days Check below for free stories on DSPG the last two weeks. Sign up for a free trial to see the rest of the stories you've been missing. May 14, 2013 15:54 EDT DSPG Nokomis Capital reports 6.3% stake in DSP Group Subscribe for More Information Sign up for a free trial to see the rest of the stories you've been missing.