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June 11, 2014
16:10 EDTTIBXTIBCO holder Praesidium says substantial opportunity to 'unlock value'
Praesidium Investment Management on behalf of its clients, beneficially owns approximately 5.5M shares of TIBCO Software and today sent the following letter to TIBCO's Board of Directors. Praesidium has a long-term, multi-year investment horizon and frequently interacts with management teams and boards of directors to propose constructive strategic ideas. The letter said in part: "We believe that TIBCO has a unique collection of valuable assets and industry leading technology, with products in some of the fastest-growing areas of software, such as data discovery, analytics, and complex event processing. However, we also see a company that is currently falling far short of its significant potential, resulting in what we see as a material disconnect between the high strategic value of TIBCO's technology and the price of TIBCO's stock in the public market. We believe there is a substantial opportunity to unlock value at TIBCO and we look forward to a constructive dialogue with the Board on ways to achieve this. The Board should trust that as fiduciaries of our clients' capital we will do what is necessary to ensure that shareholder value is maximized at TIBCO. "
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