NEW YORK, Oct. 9, 2012 /PRNewswire/ -- Cadian Capital Management, LLC (together with its affiliates, "Cadian Capital"), today announced that it intends to vote in favor of the spin-off of Comverse, Inc. ("CNS") from Comverse Technology, Inc. (NASDAQ: CMVT) ("CTI") at the upcoming special meeting of shareholders scheduled for October 10, 2012. Cadian Capital believes the terms of the spin-off are fair and reasonable to and in the best interests of CTI's shareholders. In May 2012, Cadian Capital entered into an agreement with CTI regarding the composition of the Boards of Directors of CTI, its majority-owned subsidiary Verint Systems, Inc., and CNS and agreed to vote in favor of the planned spin-off of CNS to CTI's shareholders, provided the terms of the spin-off were fair and reasonable to and in the best interests of CTI's shareholders. Cadian Capital is an equity long/short hedge fund manager with a focus on the technology sector. Contact:Eric Bannasch / Justin GriffithCadian Capital Management, LLC (212) 792-8800 SOURCE Cadian Capital Management, LLC
Shares of Comverse Technology (Nasdaq:CMVT) were gapping down Thursday morning with an open price 10.7% lower than Wednesday's closing price. The stock closed at $6.07 yesterday and opened today's trading at $5.42.