But Starboard Still Gets Results, Tessera Technologies Edition

 

Starboard Value wins where it counts.

We just completed a post on the seemingly ridiculous spin on the ISS and Glass Lewis reports for the DSP Group proxy fight.

Starboard Value LP, a contender in the DSP Group matter, is also a contender in the Tessera Technologies proxy fight.  However, with Tessera, there are some serious results.

Last week, Tessera updated its proxy materials to describe the settlement agreement with Starboard.  Starboard delivers a knockout with this six punch combination:

  1. two current board members resign
  2. the size of the Board was increased to twelve with Starboard designees appointed as directors
  3. the Annual Meeting was adjourned to June 7, 2013
  4. the board expanded to ten the number of seats that will be open for election
  5. two additional current board members will not be standing for re-election
  6. the Starboard designees were nominated for election as directors at the Annual Meeting

More importantly:

  • TSRA began 2013 at $17.19 and closed at $20.94 as of this writing
  • DSPG began 2013 at $6.21 and closed at $8.25 as of this writing
Starboard and Tessera proxy fight, with only Starboard getting up before the count.

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