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News Breaks | | | | February 20, 2013 | | 07:08 EDT |  | TSRA | Tessera says willing to consider Starboard’s nominees to board
Tessera Technologies issued the following response to a letter, dated Feb. 19, that Starboard Value addressed to the company’s Board of Directors: "The Board seeks to avoid the expense and distraction of a lengthy proxy fight. Further, it sees value in adding independent directors who can advocate for stockholders and bring fresh perspectives to the Board’s deliberations. It was for these reasons that the Board added two new independent directors in August 2012. The Board has expressed to Starboard its willingness to consider Starboard’s nominees. Indeed, the Board’s Nominating Committee sought to interview four of Starboard’s nominees, but was rebuffed by Starboard. What’s more, the Board is perplexed that Starboard chose to release its letter as Board members are preparing for a meeting with Starboard previously scheduled to occur later this month. The Board believes the IP segment's expenses are consistent with a business model that sustains and grows long term running royalty revenues, as exemplified by the recent signing of two eight-year licenses by SK hynix Inc. The Board also continues to believe that our DigitalOptics Corporation, DOC, subsidiary has a unique opportunity to enter a market measured in billions of units with superior, industry-changing technology, and that investment in DOC will enhance long term stockholder value." | |
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News For TSRA From The Last 14 Days Check below for free stories on TSRA the last two weeks. |
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| May 23, 2013 | | 11:50 EDT | | TSRA | Tessera says new board to have 6 Starboard nominees, 4 company ones
 Subscribe for More Information | | | 11:46 EDT | | TSRA | Tessera to appoint interim CEO from Starboard slate of nominees
| | | 11:43 EDT | | TSRA | Tessera, Starboard agree to reconstituted board with 6 Starboard nominees
| | | May 17, 2013 | | 07:08 EDT | | TSRA | Tessera says ISS, Glass Lewis recommend against Starboard control
Tessera announced that with addition of the report from Egan-Jones, proxy advisory firms including Institutional Shareholder Services and Glass Lewis have recommended that Starboard Value does not merit control of the company's board. ISS and Egan-Jones recommended for the company’s slate of nominees, Tessera added. | | | May 16, 2013 | | 16:27 EDT | | TSRA | SAC Capital reports 5.0% passive stake in Tessera
Subscribe for More Information | | | May 15, 2013 | | 08:32 EDT | | TSRA | Starboard issues open letter to Tessera shareholders
"Just a few short months ago, Tessera was severely broken. 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. 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. 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. Throughout this campaign, we have endeavored to gain your support based on presenting the facts, outlining our detailed action plan, and proposing a clearly superior slate of director nominees with specifically relevant credentials for Tessera. Unfortunately, management and the Board have taken a very different approach in this contest. They have repeatedly attempted to misrepresent our plan for Tessera, make false claims about our director nominees, and use manipulative tactics to make late-stage corporate governance changes to tip the balance in their favor... We are very pleased by Amici Capital's endorsement and support for our entire slate of director nominees at the upcoming Annual Meeting. Amici Capital's conclusion is largelysupported by the recent report issued by Glass Lewis, a leading proxy advisory firm, in which Glass Lewis recommended shareholders vote on Starboard's WHITE proxy card to elect four of our nominees to the Board." | | | 07:35 EDT |  | TSRA | JPMorgan to host a conference
41st Annual Global Technology, Media & Telecom Conference is being held in Boston on May 14-16 with webcasted company presentations to begin on May 15 at 8 am; not all company presentations may be webcasted. Webcast Link | | | May 13, 2013 | | 10:48 EDT | | TSRA | Starboard says Glass Lewis recommends four of its nominees for Tessera board
Subscribe for More Information | | | 06:31 EDT | | TSRA | Tessera expects to repurchase at least $16M over next four quarters
Subscribe for More Information | | | 06:30 EDT | | TSRA | Tessera announces special cash dividend of 30c
Subscribe for More Information | | | | May 10, 2013 | | 07:08 EDT | | TSRA | Tessera settles litigation with Siliconware, terms not disclosed
Tessera Technologies announced that its Tessera, Inc. subsidiary has reached a settlement with Siliconware Precision Industries and Siliconware USA. In exchange for being released from the litigation, Siliconware will pay Tessera, Inc. a partial upfront fee and smaller quarterly payments over the next five years. The companies did not disclose the full terms and conditions of the settlement agreement. Tessera, Inc. and Siliconware agreed to dismiss claims and counterclaims between the two parties relating to Tessera Inc.’s patent infringement claims pending in the United States District Court, Northern District of California. | |
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