![]() We greatly appreciate the strong support from shareholders who have already voted for Starboard's nominees on the WHITE proxy card. For shareholders who want to put a Board in place that is committed to acting for the benefit of shareholders at all times and not just when under the pressure of an election contest, we urge you to vote on our WHITE proxy card for all six of our highly qualified director nominees. We have stayed true to the facts and have not resorted to a tit-for-tat exchange with the Company. There is more work to do, and we have identified the right people and the right plan to restore Tessera to prominence and unlock significant value in the process. ![]() ISS further noted that Starboard nominee George Riedel 'would also likely add strength to the board, given his background in strategic planning as well his experience in leading one of the largest sales of intellectual property assets in history.' We believe all six of Starboard's nominees would add tremendous value to the Board and strongly urge shareholders to follow Glass Lewis' recommendation and vote the WHITE proxy card at the Annual Meeting."Ĭoncluded Feld, "Starboard has undertaken this election contest with the best interests of all shareholders in mind, and our involvement has already been the driving force for much-needed change at Tessera. If elected, my fellow nominees and I are firmly committed to working tirelessly on behalf of all shareholders to execute our plan to return Tessera to prominence and put the company back on track for long-term value creation."įeld continued, "ISS has also recommended change at Tessera at the upcoming Annual Meeting in advising shareholders to elect two of Starboard's highly qualified candidates, Tudor Brown and George Cwynar. We are extremely gratified that Glass Lewis saw through all of Tessera's recent rhetoric and focused squarely on the facts in making its recommendations. Feld, Managing Member of Starboard Value, stated, "Glass Lewis' strong showing of support for our nominees provides significant validation that significant change to the composition of Tessera's Board is needed in order to oversee a successful turnaround of the Company. Brown, Cwynar, Feld and Lacey allowing the Dissident Nominees four seats on the board of directors." "Given the strength of Starboard's argument and plan, the experience of its board nominees and our concerns regarding the Company's troubles and management nominees, we believe that investors should vote in favor of Messrs. "As a general rule, reticent to recommend removal of incumbent directors, or in favor of Dissident nominees, unless one of the following two things has occurred: (i) there are serious problems at the company and the newly proposed nominees have a clear and realistic plan to solve these problems or (ii) the current board has undertaken an action clearly contrary to the interests of shareholders (or failed to undertake an action clearly to the benefit of shareholders)." Glass Lewis concluded that shareholders should vote on Starboard's WHITE proxy card saying: Notably, the threshold required for a shareholder to attain a Glass Lewis recommendation in an election contest is high. Glass Lewis recommends that Tessera shareholders "DO NOT VOTE" on the Company's gold proxy card. (NASDAQ: TSRA) ("Tessera" or the "Company") with approximately 7.7% of the outstanding common stock of the Company, today announced Glass Lewis & Co., LLC, a leading independent proxy voting advisory firm, has recommended that Tessera shareholders vote on Starboard's WHITE proxy card to elect four of Starboard's highly qualified nominees, Tudor Brown, George Cwynar, Peter Feld and Thomas Lacey, at the upcoming Annual Meeting. NEW YORK, /PRNewswire/ - Starboard Value LP (together with its affiliates, "Starboard"), one of the largest shareholders of Tessera Technologies, Inc.
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