SAN JOSE, Calif., May 15, 2013 (GLOBE NEWSWIRE) -- DSP Group ®, Inc. (Nasdaq:DSPG), a leading global provider of wireless chipset solutions for converged communications, today announced that it has filed a presentation with the U.S. Securities and Exchange Commission. The presentation, available from the investor relations section of the Company's Web site ( http://www.dspg.com ), discusses in detail the Company's strategies to improve performance, the superb qualifications of DSP Group's director candidates and the Company's progress in positioning itself for expected growth in its key markets.
The Company's presentation challenges the claims made by Starboard Value and Opportunity Fund in its presentation dated May 13, 2013. In the Company's opinion, Starboard's presentation is a clever combination of distortions and deceptions that misrepresents the activist hedge fund's true intentions but reviles that Starboard does not have any real business plans for the Company. Starboard's presentation also ignores the Company's successful operational turnaround and fails to acknowledge the benefits of the Company's research and development investments and the resulting potential for long-term stockholder value.
Starboard Has Already Appointed Two Directors to the Company's Board:Starboard's proxy fight is about seeking to gain a majority on the Company's board of directors. Starboard has already appointed two directors to the DSP Group board, and they have nominated three more candidates for election. Starboard claims that it is merely seeking to ensure that alternative viewpoints are presented to the Board. If this were Starboard's only objective, the activist hedge fund would not have rejected the Company's settlement offer of four of ten seats on the Board, along with significant committees representation and leadership. Starboard rejected this settlement proposal—a proposal that, based on our review of prior Starboard settlement agreements, offered them a better deal than they have ever received in other negotiated resolutions. Their rejection of this offer is proof that they want more.