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March 1, 2013
12:40 EDTTSRAStarboard sends open letter to Tessera shareholders
Starboard Value LP, one the largest shareholders of Tessera Technologies with approximately 7% of the outstanding common stock of the company, announced has delivered an open letter to the shareholders of Tessera: "As we described in a letter we delivered to the Board of Directors of Tessera and publicly disclosed on February 19, we believe the company is significantly undervalued and that opportunities exist within the control of management and the Board to unlock value for the benefit of all shareholders. For over a year now, we have been attempting to communicate constructively with Tessera in the hope that we could work together to craft a strategy to improve the company's financial performance and deliver increased value to shareholders of the company. Unfortunately, the existing management team and Board have shown no interest in working with us and instead have adopted certain measures designed to disenfranchise shareholders and entrench a subset of the Board. Recent events indicate that the center of power on the Board and management has no intention of changing, and, in fact, has taken actions to further entrench and insulate themselves from outside influence."
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