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April 30, 2013 /PRNewswire/ -- Starboard Value LP (together with its affiliates, "Starboard"), one of the largest shareholders of Tessera Technologies, Inc. (NASDAQ: TSRA) ("Tessera" or the "Company") with approximately 7.7% of the outstanding common stock of the Company, announced today that it has filed an extensive Investor Presentation with the Securities and Exchange Commission ("SEC") in connection with the Company's 2013 Annual Meeting scheduled to be held on
May 23, 2013. In the Investor Presentation, Starboard sets forth in detail its views regarding why significant change is necessary at Tessera, how Starboard's slate of nominees is far more qualified to govern and oversee Tessera than the Company's proposed slate of nominees, and how Starboard's nominees have a superior plan for restoring and enhancing shareholder value at Tessera.
The Investor Presentation is available at the SEC's website and at the following link:
Additionally, Starboard announced today it has delivered a letter to Tessera shareholders urging its fellow shareholders to help put Tessera back on track for long-term value creation by voting the
WHITE proxy card to elect Starboard's six highly qualified nominees, Tudor Brown,
Peter A. Feld,
George Riedel and
Don Stout, at the upcoming Annual Meeting. Starboard appreciates the ongoing dialogue it has had with fellow Tessera shareholders and is encouraged by the great deal of support it has received thus far in the election contest. Starboard is confident that its fellow shareholders will see through the Company's rhetoric and instead focus on the real and critical operational issues and opportunities facing the Company.
The full text of the letter follows:
April 30, 2013
Dear Fellow Tessera Technologies Shareholders: