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Stock Market & Financial Investment News

News Breaks
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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January 15, 2015
16:14 EDTTSRATessera raises 2015 recurring revenue from $195M to $235M
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16:10 EDTTSRAAmkor to pay $155M to Tessera in litigation settlement
Tessera Technologies (TSRA) subsidiary Tessera, Inc., has entered into an agreement with Amkor Technology (AMKR) to settle all pending litigation between Amkor and Tessera, Inc. Under the terms of the agreement, Amkor will pay Tessera a total of $155M, comprised of sixteen equal quarterly recurring payments commencing in Q1 and continuing through 4Q18. This settlement includes the resolution of the previously awarded judgment of $128.3M plus interest, as well as additional amounts related to the settlement of other proceedings. Subsequent to this agreement, Tessera is raising its 2015 recurring revenue guidance from $195M to $235M. The parties have agreed to a mutual release and dismissal of all claims relating to their pending litigation and arbitration proceedings. The settlement agreement also provides that Tessera and Amkor will look for opportunities to engage in potential technology collaboration. Amkor expects to record an after-tax charge to earnings in Q4 for most of the total settlement amount.

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