NEW YORK, April 17, 2013 /PRNewswire/ -- Starboard Value LP (together with its affiliates, "Starboard"), one the largest shareholders of Tessera Technologies, Inc. (NASDAQ:TSRA) ("Tessera" or the "Company") with approximately 7.6% of the outstanding common stock of the Company, announced today that it has filed definitive proxy materials with the Securities and Exchange Commission in connection with the Company's 2013 Annual Meeting and has delivered a letter to the shareholders of Tessera.
Starboard is urging shareholders to elect its six highly qualified nominees, Tudor Brown, George Cwynar, Peter A. Feld, Tom Lacey, George Riedel and Don Stout, to serve on the Company's board of directors at the upcoming 2013 Annual Meeting.
The full text of the letter follows:
April 17, 2013Dear Fellow Tessera Technologies Shareholders: It is Time for a New Plan and a New Board at Tessera Our Interests Are Directly Aligned with ALL Shareholders Vote the WHITE Proxy Card Today to Support the Best and Most Qualified Slate of Directors to Oversee Tessera Starboard Value LP, together with its affiliates ("Starboard"), currently owns approximately 7.6% of the outstanding common shares of Tessera Technologies, Inc. ("Tessera" or the "Company"), making us one of the Company's largest shareholders. Over the past eighteen months, we have been working hard on behalf of all Tessera shareholders to push for value enhancing changes that we believe are required in order to realize full and fair value for all Tessera shareholders. For most of this time, our efforts to effect positive change at Tessera have been purposely frustrated by ongoing manipulation of Tessera's corporate governance machinery and our recommendations for value-enhancing initiatives have been largely ignored. With the 2013 Annual Meeting (the "Annual Meeting") now just one month away and the Company at a critical juncture in light of recent events and historically poor performance, Tessera's shareholders finally have the opportunity to elect a new set of directors to lead Tessera on the right path forward.